The Central Bank of Nigeria (CBN) has disclaimed 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.

In a press release signed by Isa AbdulMumim, Ag. Director, Corporate Communications, CBN said such speculation is unfounded and a ploy by some interests to cause panic among members of the public.

AbdulMumim reiterated that the new and old currency notes have been circulating side by side, adding that CBN has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

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“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,” AbdulMumim said.

“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, 500 and N200 banknotes will eventually be phased out.”