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CBN Speaks On Withdrawing Redesigned Naira Notes

The Central Bank of Nigeria, CBN, has described as fake news a report claiming that it is contemplating withdrawing the new naira notes of N200, N500 and N1,000 from circulation.

The apex bank described the news as unfounded and a poy by some interests to cause panic among members of the public.

This was contained in a statement signed by the Acting Director, Corporate Communications, Isa Abdulmumin, on Sunday.

The statement read in part, “We wish to reiterate that the new and old naira notes have been circulating side by side just as the bank has been taking delivery of good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company Limited.

“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy, We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.

“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 December 31, 2023, deadline, when the old N1,000, N500, and N200 notes will be phased out.

“Please be guided accordingly.”

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