The central bank of Nigeria has said its has no dismiss plans to suspend the redesigned note of N1000, N500 and N200 currency.
The CBN acting director corporate communication department Dr. Isa AbdulMumim, in a statement stated, “such speculation is unfounded and a ploy by some interests to cause panic among members of the public.”
The director stressed that the new and old currency notes have been circulating side by side just as the apex bank had been taking delivery of a good quantity of the redesigned notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.
“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy.
“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.” He said
The CBN spokesman explained that the redesigned banknotes would circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes would eventually be phased out – and advised the public to be guided accordingly.
Earlier on March 13, the central bank, following the Supreme Court judgement which extended the validity of the old N200, N500, and N1,000 notes till December 31, 2023, affirmed the affected currency denominations remained legal tender.
The apex bank stated that, “Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”