Claims that the CBN planned to phase out the redesigned N1000, N500, and N200 notes due to scarcity have received a response from the CBN.

Recall that the limited supply of the newly designed naira notes in Nigeria has continued to be a source of complaint for citizens.

The development coincides with the economy-shaking months-long cash shortage that hit Nigeria in the first quarter of 2023 as a result of the CBN’s adoption of a cashless policy.

The apex bank, however, called the news of the intention to phase out the redesigned naira notes presented by President Muhammadu Buhari on November 23, 2023, as fake and untrue in a statement made by the acting Director of Corporate Communications, Dr. Isa Abdulmumim.

CBN stated that the public should completely disregard any claims that it is considering removing the freshly redesigned notes.

He emphasized that the rumors were baseless and an attempt to instill fear among the populace.

“We thus implore the general public to ignore any reports that claim a phase-out of the redesigned currency. To avoid any misunderstanding, both the old and the redesigned notes will be recognised as legal money.

The previous N1000, N500, and N200 banknotes will finally be phased out by December 31, 2023, according to a portion of the announcement. Until then, they will float side by side for transactions.