The Central Financial institution of Nigeria (CBN) on Sunday stated there are not any plans to section out the newly redesigned N200, N500 and N1,000 notes from circulation.

The clarification follows what the apex financial institution described as ‘a faux information merchandise circulating within the media’, notably within the social media house, suggesting that the financial institution is considering the withdrawal of the just lately redesigned N1000, N500 and N200 forex banknotes from circulation.

“We want to state emphatically that such hypothesis is unfounded and a ploy by some pursuits to trigger panic amongst members of the general public,” Isa AbdulMumim, CBN’s performing director, company communications said in a mailed observe.

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“We want to reiterate that the brand new and outdated forex notes have been circulating facet by facet simply because the financial institution has been taking supply of a great amount of the redesigned financial institution notes from the Nigerian Safety Printing and Minting Firm (NSPMC) Restricted,” he added.

AbdulMumim additional harassed CBN dedication to proceed to produce the authorized indent for the graceful working of the financial system.

He due to this fact, urged members of the general public to ignore any report suggesting a phase-out of the redesigned forex.

“For the avoidance of doubt, the redesigned and outdated notes will proceed to be accepted as authorized tender.

“They’ll flow into side-by-side for transactions forward of the December 31, 2023 deadline, when the outdated N1000, N500 and N200 banknotes will ultimately be phased out.


Please be guided accordingly,” he famous.