The freshly redesigned N1,000, N500, and N200 notes will not be phased out, as claimed by the Central Bank of Nigeria.
In a statement released on Sunday by its Ag. Director of Corporate Communications, Dr. Isa AbdulMumim, the apex bank addressed the reports that had appeared on its social media platforms.
He claims that such conjecture is unwarranted and is an attempt by certain interests to frighten the population.
The Bank has been receiving a sizable number of the newly designed bank notes from the Nigerian Security Printing and Minting Company Limited, and we would like to reiterate 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.
“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.
The old N1000, N500, and N200 banknotes will ultimately be phased out by December 31, 2023, after which they will float side by side for transactions.
