The Central Bank of Nigeria (CBN) has denied a fake news report circulating in the media, suggesting that the Apex Bank is considering a recall of the recently redesigned N1000, N500 and N200 Naira banknotes from circulation.
In a statement signed by the Acting Director, Corporate Communications, Dr. Isa AbdulMumim, the Bank noted that the speculation is unfounded and a ploy to cause panic among members of the public.
The statement asked members of the public to disregard the fake report while restating that the bank has been supplying adequate quantity of the new notes as it takes delivery from the Minting firm.
The full text of the statement is reproduced below:
The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes from circulation.
We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.
We wish to reiterate that the new and old currency notes have been circulating side by side just as the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) 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 N1000, N500 and N200 banknotes will eventually be phased out. Please be guided accordingly.
Isa AbdulMumim PhD
Ag. Director, Corporate Communications
April 29, 2023 .
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