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Redesigned bank notes will not be phased out- CBN

CBN

Redesigned bank notes will not be phased out- CBN

Central Bank of Nigeria (CBN) promised Nigerians that additional newly redesigned banknotes will soon be in circulation.

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The CBN said in a statement on Sunday, April 30, that they are “taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited”

The apex bank’s Ag. Director of Corporate Communications, Isa AbdulMumim PhD, also denied allegations that the redesigned banknotes were to be phased out, adding that the claim is “a fake news item circulating in the media, particularly in the social media space”.

He said;

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“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”.

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