The Central Bank of Nigeria (CBN) has dismissed rumors about its intention to withdraw the newly redesigned N1,000, N500 and N200 notes from circulation. Dr. Isa AbdulMumim, the Ag. Director, Corporate Communications of the bank, has labeled these reports as “fake news” and encouraged the public to disregard such information.
In a statement responding to a social media post, the bank clarified that the new and old notes are being utilized together, and the bank has been receiving a significant quantity of the redesigned banknotes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.
The CBN reaffirmed its commitment to providing an adequate supply of banknotes to ensure the smooth running of the economy. The redesigned and old notes will continue to be accepted as legal tender and will circulate side-by-side for transactions until the old N1000, N500, and N200 banknotes are phased out by December 31, 2023.
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