No plans to phase out redesigned notes – CBN

The Central Bank of Nigeria has debunked reports that the bank is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes.

The bank debunked the claims in a statement yesterday signed the acting Director, Corporate Communications Department, Dr. Isa Abdulmumin.

“We wish to state emphatically 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 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,” CBN said

The apex bank added that “Furthermore, we are committed to supplying the approved indent for the smooth running of the economy and urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.”