CBN denies withdrawing new N1000, N500, N200 notes from circulation

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Abuja, May 1, 2023 -The Central Bank of Nigeria (CBN) has denied a fake news item that the apex bank is withdrawing the recently redesigned N1000, N500 and N200 banknotes from circulation.

A statement signed by Isa AbdulMumeen, the acting head of Corporate Affairs  of the apex bank, said the fake news, particularly in the social media, should be disregarded.

“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,” the statement read. (GBN)

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