“Spend It Freely”: CBN Speaks on Plans To Phase out New Naira Notes as Nigerians Complain of Scarcity
- The Central Bank of Nigeria has clarified that there are no plans to phase out the newly redesigned naira notes
- The apex bank's clarification comes as many Nigerians, including bankers, complain of scarcity of the new notes
- CBN reemphasised that the new banknotes will continue to circulate side-by-side for transactions
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The Central Bank of Nigeria (CBN) has reacted to reports that it plans to remove the newly redesigned N200, N500, and N1,000 notes from circulation.
The clarification follows rising concerns around the seeming disappearance of newly redesigned notes which led to the speculation.
Legit.ng, in an earlier report, captured how bank customers lamented being paid over the counter with only old naira notes.
Source: Getty Images
CBN reacts to new naira notes scarcity
Isa Abdulmumim, CBN's acting director of corporate communications, issued a statement refuting the false claim that the bank is considering withdrawing the newly redesigned N1000, N500, and N200 banknotes from circulation.
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The statement reads:
"We would like to emphasise that the speculation is baseless and a strategy employed by certain groups to incite fear among the public."
"It should be noted that both the old and new currency notes are being used concurrently, and the bank is regularly receiving a substantial amount of the updated banknotes from the Nigerian Security Printing and Minting Company (NSPMC) Limited."
Abdulmumim also stressed CBN's commitment to supply the approved indent for the smooth running of the economy.
He, therefore, urged members of the public to disregard any report suggesting a phase-out of the redesigned currency, Punch reports.
Continuing, AbdulMumim said:
“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. Please be guided accordingly."
Access Bank CEO Wigwe buys over N11.3bn new shares
Meanwhile, in another report, Access Holdings CEO Herbert Wigwe has cemented his place as one of the biggest shareholders in the bank
The bank revealed that he paid over N11 billion to buy more shares in the financial institution.
Wigwe is one of Nigeria's highest-paid CEOs, and he received massive compensation for his excellent work in 2022.
Source: Legit.ng
