Business

‘Unfounded Speculation’: CBN Debunks Reports It Plans to Phase Out Redesigned Naira Notes  

The Central Bank of Nigeria has called on the public to disregard any report suggesting a phase out or withdrawal of the recently redesigned currency banknotes from circulation.

In a released notice, signed by the acting Director of corporate communication, Isa AbdulMumim on Sunday, the bank stated that the speculation is unfounded and a ploy by some interests to cause panic among members of the public.

The bank reiterated that the old and new notes have been circulating side by side as they have been taking good delivery of a good quantity of the redesigned notes from the Nigerian Security Printing and Minting company Limited.

It was also stated that the bank would remain committed to supplying the approved indent for the smooth running of the economy.

Meanwhile, the CBN emphasized that the redesigned and the old currency will continue to be accepted as legal tender for transactions ahead of the December 31, 2023 deadline, when the old #1000, #500 and #200 banknotes will eventually be phased out.

Chioma Kalu

Follow us on:

AriseNews

Recent Posts

Federal Government Reinstates Ikechebelu as Acting Vice-Chancellor of UNIZIK

The federal government has reinstated Professor Joseph Ikechebelu as acting Vice-Chancellor of UNIZIK, nullifying Professor…

16 mins ago

Court Of Appeal Nullifies Judgment Blocking Voter Register Release For Rivers LG Polls

Court of Appeal has overturned the Federal High Court ruling barring INEC from releasing voter…

18 mins ago

Kenya Cancels Adani Contracts as US Prosecutors Charge Tycoon with Fraud

Kenya has cancelled airport and energy deals with Adani following US bribery and fraud charges…

26 mins ago

Brazil’s Former President Bolsonaro, 36 Others Indicted Over Alleged Coup Attempt In Brazil

Brazil’s former president Bolsonaro and 36 others have been indicted for allegedly attempting a coup…

27 mins ago

Republican David McCormick Triumphs As Democrat Sen. Bob Casey Concedes After Recount

Republican David McCormick won Pennsylvania Senate seat as Democratic Sen. Bob Casey concedes after recount…

29 mins ago

Trudeau Announces Temporary Tax Relief and Cheques Amid Rising Living Costs

Trudeau's government has announced plans for temporary tax relief, cheques for Canadians amid rising costs…

32 mins ago