The Central Bank of Nigeria (CBN) says it is not
contemplating the withdrawal of the recently redesigned naira notes.
A report had emerged that the apex bank may phase out the
new notes over scarcity.
Isa Abdulmumim, CBN spokesperson, in a statement on Sunday,
clarified that such speculations were unfounded.
“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,”
he said.
“We wish to state
emphatically that such speculation is unfounded and a ploy by some interests to
cause panic among members of the public.”
Abdulmumin said 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,” he said.
“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.”
In October 2022, Godwin Emefiele, CBN governor, announced
the plan to redesign the naira to control money supply and aid security
agencies in tackling illicit financial flows.
The redesigned naira notes were unveiled on November 23,
2022.
The deadline for the implementation of the policy was fixed
for January 31, 2023, but it was further extended to February 10.
However, on March 3, a Supreme Court judgment invalidated
the naira redesign policy introduced by the apex bank.
Delivering judgment in a suit instituted by three states of
the federation, seven-member panel of the apex court held that the old N200,
N500 and N1000 notes remain legal tender until December 31, 2023.
About two weeks after the court ruling, the CBN complied
with the directive, ending the back-and-forth with the sole usage of the
redesigned bank notes.
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