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CBN Speaks On Phasing Out New Naira Notes

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CBN Vows To Arrest, Prosecute Persons Spreading Fake News On Naira Redesign Policy

Central Bank of Nigeria,CBN,has debunked plans to phase out the newly redesigned Naira Notes in circulation.

The CBN disclosed this in a statement on Sunday, reacting to social media reports that it plans to withdraw the recently redesigned N1,000 N500 and N200 currency banknotes from circulation.

CBN Assured Nigerians that it has taken delivery of newly minted notes from the Minting Company Limited.

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In the statement by its, Acting Director, Corporate Communications Department, Isa AbdulMumin, they called the media reports an unfounded ploy to cause panic.

The statement reads “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.
“The new and old currency notes have been circulating side by side.

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“The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.”
Legal tender

The CBN boss added that the redesigned and old notes will continue to be accepted as legal tender, urging Nigerians to disregard fake news on CBN’s monetary policy as the CBN is committed to supplying the “approved indent” for the smooth running of the economy, adding:

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“We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.
“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 Dec. 31 deadline, when the old N1,000, N500 and N200 banknotes will eventually be phased out.”

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