'Spend It freely' - CBN speaks on new naira notes plans as banks, Nigerians complain of scarcity

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 complained about being paid over the counter with only old naira notes.

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 currency banknotes from circulation.

The statement reads: "We would like to emphasize 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 further 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.

AbdulMumim continues: “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."