The Central Bank of Nigeria (CBN) has confirmed that the redesigned naira notes are still in circulation, following complaints about their scarcity. This statement was made by the CBN’s acting director of the Corporate Communications Department, Isa Abdulmumin, in Abuja on Sunday.
Mr. Abdulmumin stated that the new and old currency notes have been circulating side by side and that the CBN has been receiving a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited. He also made it clear that there were no plans to phase out the redesigned naira notes from circulation.
The apex bank’s priority is to supply the “approved indent” for the smooth running of the economy, said Mr. Abdulmumin. He reiterated that both the old and redesigned notes will continue to be accepted as legal tender, and that they will circulate side-by-side for transactions until the December 31 deadline when the old N1,000, N500, and N200 banknotes will eventually be phased out.
READ ALSO: CBN Directed to Allow Old and New Naira Notes to Circulate Together by Supreme Court
This statement was made in response to a viral news story on social media that the apex bank was contemplating withdrawing the recently redesigned N1,000, N500, and N200 currency banknotes from circulation. The CBN has advised the public to disregard this news, as it is not true.
#CBN #RedesignedNairaNotes #LegalTender #NigeriaEconomy
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