No Plans To Wipe Out New Naira Notes – CBN

By Sola Omoniyi, Lagos

The Nigeria apex bank, Central Bank of Nigeria, CBN, has stated that there is no plan to wipe out new re-designed naira notes since the old one is in circulation.

It was alleged that the apex bank is contemplating stopping the redesigned naira notes from circulation.

In reaction to the viral social media discussion, Isa AbdulMumin, the Acting Director, of Corporate Communications stated that there is nothing like such rumours as phasing out redesigned N1000, N500, and N200 notes.

Isa stated in Abuja on Sunday, April 30 that the speculation is a ploy by some people’s interest to cause panic among the public.

He added that the naira notes, both old and new will circulate side by side for transactions ahead of the Dec.31 deadline.

Isa said that the apex bank was committed to supplying the “approved indent” for the smooth running of the economy.

“We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public,” he said

“The new and old currency notes have been circulating side by side.

“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.

“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 Dec. 31 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phased out,” he added.