Plans to phase out the currently in use new Naira Notes have been vetoed by the Central Bank of Nigeria.
The CBN made this announcement in a statement on Sunday in response to claims on social media that it intended to stop issuing the recently redesigned N1,000, N500, and N200 currency banknotes.
Nigerians were assured by the CBN that it had received new currency from the Minting Company Limited.
In the statement by its, Acting Director, Corporate Communications Department, Isa AbdulMumin, they called the media reports, and an unfounded ploy to cause panic, they said:
“We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.
“The new and old currency notes have been circulating side by side.
“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.”
The CBN boss added that the redesigned and old notes will continue to be accepted as legal tender, urging Nigerians to disregard fake news on CBN’s monetary policy as the CBN is committed to supplying the “approved indent” for the smooth running of the economy, adding:
“We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.
“For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender.
“They will circulate side-by-side for transactions ahead of the Dec. 31 deadline, when the old N1,000, N500, and N200 banknotes will eventually be phased out.”
