The Central Bank of Nigeria (CBN) has refuted claims that the recently revised N1,000, N500, and N200 notes will be phased out.
Dr. Isa AbdulMumim, the bank’s Ag. The Director of Corporate Communications called the reports “fake news.”
He gave the general people the advice to disregard such news.
“The Central Bank of Nigeria (CBN) has been made aware of a fake news story that has been circulating in the media, especially on social media, suggesting that the Bank is considering withdrawing the Bank’s recently redesigned N1,000, N500, and N200 currency banknotes from circulation,” he added.
“We want to clarify unequivocally that such rumors are untrue and a scheme by some parties to frighten the populace.
The Nigerian Security Printing and Minting Company (NSPMC) Limited has been providing the Bank with a sizable number of redesigned bank notes, and we want to underline that they have been in circulation side by side.
“In addition, we are dedicated to providing the approved indent for the efficient operation of the economy.
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“Therefore, we strongly advise the general public to ignore any reports that indicate the revised currency will eventually be phased out.
For the avoidance of dispute, both the old and the redesigned notes will be recognized as legal money.
“They will circulate side by side for transactions until the old N1000, N500, and N200 banknotes are gradually phased out on December 31, 2023.
”Please be guided accordingly”