THE Central Bank of Nigeria – CBN, will not withdraw the redesigned N200, N500 and N1,000 notes from circulation, authorities have said.
The CBN dismissed reports that it is considering the withdrawal of the notes in a statement on Sunday.
“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public, the apex bank’s Acting Director of Corporate Communications, Isa AbduMumimas said in the statement.
“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.”
“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,” the statement concluded.