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CBN speak on plan to phase out newly redesigned N1,000, N500 and N200 notes

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CBN speak on plan to phase out newly redesigned N1,000, N500 and N200 notes

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The Central Bank of Nigeria (CBN) has denied rumors that it plans to phase out the newly redesigned N1,000, N500, and N200 notes.

Dr. Isa AbdulMumim, Ag. Director of Corporate Communications at the bank, dismissed the reports as “fake news” and urged the public to ignore them.

AbdulMumin emphasized that both the new and old currency notes are currently in circulation and will continue to be accepted as legal tender until the December 31, 2023 deadline, when the old N1000, N500, and N200 banknotes will eventually be phased out.

The Central Bank of Nigeria, CBN, has debunked reports that it planned to phase out the newly redesigned N1,000, N500 and N200 notes.

This article was updated 5 months ago

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