New And Old Banknotes Circulating Side By Side, CBN Insists

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The Central Bank of Nigeria (CBN) has said there is no plan to halt the distribution of new naira notes from circulation.

Acting Director of the Corporate Communications of the bank, Dr. Isa AbdulMumim, said dismissed the rumour that the regulator was contemplating the withdrawal of the recently-redesigned N1000, N500 and N200 currency banknotes from circulation.

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” he stated.

The bank reiterated that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

Furthermore, the CBN said it is committed to supplying the approved indent for the smooth running of the economy.

It added: “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 December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out.”

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