THE Central Bank of Nigeria (CBN) says it has no plans to phase out the redesigned higher denomination of the banknotes.
This is coming despite complaints about scarcity of 1000, 500, and 200 notes.
Isa Abdulmumin, CBN’s acting director, Corporate Communications Department made this disclosure in a statement in Abuja on Sunday.
Abdulmumin the apex bank was committed to supplying the “approved indent” for the smooth running of the economy, adding that both new and old currencies would exist side-by-side until the expiry date of the old notes on December 31, 2023.
He said:
“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.
“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.”
CBN was reacting to a viral new
on social media insisting that the apex bank was contemplating the withdrawal of the recently redesigned N1,000, N500, and N200 currency banknotes from circulation.
