CBN has no intention of discontinuing the redesigned naira notes

Both the redesigned and old notes will be recognised as lawful tender.The Central Bank of Nigeria (CBN) says there are no plans to phase out the redesigned naira notes.Isa AbdulMumin, the CBN's Acting Director, Corporate Communications Department, made the announcement in Abuja on Sunday.The remark was made in response to social media reports that the apex bank was considering withdrawing the recently redesigned 1,000, 500, and 200 denomination bills from circulation. "We wish to state unequivocally that such speculation is unfounded and a ploy by some interests to cause public panic." "Both new and old currency notes have circulated side by side." "The CBN has received a substantial number of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited," he said. According to Abdulmumin, the apex bank is dedicated to supplying the approved indent for the smooth operation of the economy. "As a result, we urge the public to disregard any report implying 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 December 31 deadline, when the old ₦‎1,000, ₦‎500 and ₦‎200 banknotes will eventually be phased out," he said.