CBN Insists redesign Naira Notes is still In Circulation

The Central Bank of Nigeria (CBN) says the redesigned naira notes were still circulating despite complaints about its scarcity.

CBN’s acting director, Corporate Communications Department, Isa Abdulmumin, made this known in a statement in Abuja on Sunday.

“The new and old currency notes have been circulating side by side,” said Mr Abdulmumin.

“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.”

He said there were no plans to phase out the redesigned naira notes from circulation.

Mr Abdulmumin said that the apex bank was committed to supplying the “approved indent” for the smooth running of the economy.

“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 Dec. 31 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phased out,” he said.

The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000, N500, and N200 currency banknotes from circulation.