The Central Bank of Nigeria (CBN) has hinted that more newly redesigned banknotes will be in circulation soon.
Nigerians have raised the alarm over the scarcity of redesigned banknotes of N200, N500 and N1,000 especially after the Supreme Court judgement reinstating the use of the old notes.
The CBN, in a statement on Sunday in Abuja, said it is “taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited”.
Ag. Director, Corporate Communications of the CBN, Isa AbdulMumim PhD, denied allegations that the redesigned banknotes were to be phased out.
According to the apex bank: “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 N1,000, N500 and N200 banknotes will eventually be phased out”.
It said it will continue to supply “the approved indent for the smooth running of the economy”.
On the alleged plans to phase out the redesigned banknotes, the CBN urged “members of the public to disregard any report suggesting a phase-out of the redesigned currency”.
He described the allegation as “a fake news item circulating in the media, particularly in the social media space”.
