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CBN is committed to currency reform, says no plan to scrap new naira notes

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By Samuel Bankole

The Central Bank of Nigeria (CBN) has debunked claims that it intends to scrap its currency reform and revert to the old banknotes due to shortages of the redesigned new naira notes.

Speculation in social media indicated plans by the regulatory bank to discontinue the use of the new naira notes of N200, N500 and N1,000 notes.

However, a statement by the acting spokesman, Isa AbdulMumim said that the new naira notes remain legal tender and advised the public to totally disregard speculations in the social media on the purported plan to scrap the policy.

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He said the fake news was completely 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,” AbdulMumin explained.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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