The Central Bank of Nigeria (CBN) has debunked reports that it plans to phase out the newly redesigned N1, 000, N500 and N200 notes.
Mr. Isa AbdulMumim, Ag. Director, Corporate Communications of the bank, describing the reports as “fake news”, says the Bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.
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Advising members of the public to ignore such reports, he says the redesigned and old notes will continue to be accepted as legal tender, and 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.