CBN SPEAKS OUT ON THE WITHDRAWAL OF REDESIGNED NOTES DUE TO PAUCITY

The Central Bank of Nigeria, CBN, has responded to reports that it intended to phase out redesigned N1000, N500, and N200 notes due to scarcity.

Remember that Nigerians have been complaining about the paucity of the redesigned naira notes around the country.

The move comes during the months-long cash shortage that afflicted Nigeria's economy in the first quarter of 2023 as a result of the CBN's implementation of a cashless policy.

However, according to the acting Director of Corporate Communications.

The top bank's communications director, Dr Isa Abdulmumim, rejected the report of President Muhammadu Buhari's proposal to phase out the redesigned naira notes on November 23, 2023, as fraudulent and inaccurate.

CBN stated the public should disregard allegations that it is considering withdrawing the freshly redesigned notes.

He emphasized that the speculation was baseless and an attempt to provoke public alarm.

"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 partly reads.