The CBN dispelled rumours that it is planning to withdraw the redesigned N1000, N500 and N200 naira notes from circulation.
The introduction of the new notes had been a source of raging controversies in the country. Some applaud the redesigned notes as a strategy to clean up dirty money from circulation. Others argue that the untold hardship foisted by the short deadlines to exchange the old notes for the new ones were not worth the benefits.
The Supreme Court had initially ordered the suspension of the phasing out of the old notes. Thereafter, it ordered that the old and new notes co-exist until the end of 2023.
CBN has complied with the order of the Supreme Court.
On April 30, the apex bank published a statement on its official social media handles denouncing what it termed “fake news” that it planned to jettison the new notes. The statement was signed by acting Director, Corporate Communications, Isa Abdulmumim.
It concludes the statement by emphasizing that “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 N1000, N500 and N200 banknotes will eventually be phased out“.
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