We’re Not Phasing Out Redesigned Naira Notes – CBN 

By Gloria Afajagbe

The Central Bank of Nigeria (CBN) has described as fake, the news making the rounds on social media of its alleged plan to phase out the new redesigned naira notes from circulation.

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The CBN in a statement signed by its Acting Director, Corporate Communications, Isa AbdulMumim, stated that it has no intention to discontinue the redesigned N1000, N500 and N200 banknotes as legal tender.

“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public”, the statement read.

The apex bank reiterated that the new and old notes have been circulating side by side, just as it has been taking delivery of a good quantity of the redesigned notes from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

“We are committed to supplying the approved indent for the smooth running of the economy. For the avoidance of doubt, 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”, the statement further read.

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The CBN urged members of the public to disregard any report suggesting a phase out of the redesigned currency.

Olamide Osho

Olamide Osho is a journalist covering the maritime, aviation and crime beats with special interest in sports and public relations. He is also a songwriter and a football fan passionate about Arsenal FC. You can contact him via

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