CBN debunks redesigned naira phase-out


The Central Bank of Nigeria, CBN, has said that the claims of phasing out redesigned N1000, N500, and N200 are fake and untrue

The acting Director of Corporate Communications, Dr Isa Abdulmumim made this known while reacting to the claims flying around that the apex bank plan to phase out the redesigned naira notes introduced by President Muhammadu Buhari on November 23, 2023. It was however described as fake and untrue.

CBN said the public should ignore in its entirety claims that it is contemplating withdrawing the newly redesigned notes.

The statement partly reads, “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.”


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