According to the Central Bank of Nigeria (CBN), removing the freshly updated naira notes must be considered.
According to a source, the top bank may gradually phase out the new notes due to their shortage.
On Sunday, CBN spokeswoman Isa Abdulmumim stated that such rumours were untrue.
The freshly revised N1000, N500, and N200 currency bills have been in circulation for a short time. Still, the Central Bank of Nigeria (CBN) has become aware of a bogus news story that has been spreading in the media, particularly on social media.
“We desire to emphasise unequivocally that such rumour is untrue and a tactic by various interests to sow alarm among the population,” the statement reads.
The old and new banknotes “have been circulating side by side just as the bank has been getting receipt of a good amount of the redesigned banknotes from the Nigerian Security Printing and Minting Company (NSPMC) Limited,” according to Abdulmumin.
Additionally, he added that we are dedicated to providing the approved indent for the efficient operation of the economy.
“Thus, we strongly advise the general public to ignore any reports that indicate the revised currency will eventually be phased out.
“To avoid dispute, both the old and the redesigned notes will be recognised as legal money.
Before the old N1000, N500, and N200 banknotes are eventually phased out on December 31, 2023, they will be used for transactions side by side.
The CBN governor, Godwin Emefiele, revealed the proposal to redesign the naira in October 2022 in order to regulate the money supply and support law enforcement in combating illegal financial flows.
On November 23, 2022, the new naira notes were presented.
The policy’s implementation date, originally set for January 31, 2023, was then extended to February 10.
But on March 3, the Supreme Court issued a ruling that declared the apex bank’s naira redesign policy invalid.
The previous N200, N500, and N1000 notes are still valid until December 31, 2023, according to a seven-member panel of the top court that rendered a decision in a case brought by three states of the federation.
The CBN complied with the order around two weeks after the court’s decision, stopping the back and forth and limiting the use of the newly designed bank notes.
