Emma Ujah, the Abuja Bureau Chief, reported that the Central Bank of Nigeria (CBN) has denied rumours of intending to discontinue the usage of the recently revamped N1,000, N500, and N200 notes.

According to Dr. Isa AbdulMumim, who is the Acting Director of Corporate Communications at the bank, the information regarding the phasing out of the redesigned N1,000, N500, and N200 notes is false and should be disregarded.

A statement made by Dr. Isa AbdulMumim, the Acting Director of Corporate Communications at the Central Bank of Nigeria (CBN), addressed the circulation of false news through various media outlets, particularly social media, claiming that the bank intends to withdraw the newly redesigned N1,000, N500, and N200 currency notes from circulation.

The CBN made it clear that such rumors have no basis and are simply an attempt by certain parties to incite fear among the public. They emphasized that both the old and new currency notes have been co-circulating, and the bank has been receiving a significant number of the newly redesigned notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

In addition, the CBN affirmed its commitment to providing the necessary amount of approved currency notes for the economy to function without any interruptions. They requested the public to ignore any claims that suggest the discontinuation of the revamped currency. The CBN reiterated that both the old and new notes remain valid legal tender and will continue to be accepted.

The CBN stated that both the old and new banknotes will co-circulate during transactions until December 31, 2023, which is the deadline for phasing out the old N1000, N500, and N200 banknotes. The public is advised to take note of this information.