CBN assures the public it’s supplying more new notes to banks

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The Central Bank of Nigeria (CBN) has addressed concerns over the disappearance of newly redesigned notes, stating that it is supplying more quantities of the new notes to banks.

In a statement by the CBN’s Acting Director, Corporate Communications, Dr. Isa AbdulMumim, the bank reiterated that the new and old currency notes will continue to circulate side by side, and it is committed to supplying the approved indent for the smooth running of the economy.

Dr. AbdulMumim urged members of the public to disregard any report suggesting a phase-out of the redesigned currency.

The CBN Governor, Godwin Emefiele, had announced plans to redesign the old N200, N500 and N1,000 notes in October 2022. The old N1000, N500, and N200 banknotes will be phased out by December 31, 2023.

According to figures obtained from the CBN, N2.3tn was mopped up from circulation during the period under review, which the report stated had been hardest hit by the policy.

“We wish to reiterate that the new and old currency notes have been circulating side by side just as the bank has been taking delivery of a good quantity of the redesigned bank notes from the Nigerian Security Printing and Minting Company Limited,” the statement read.

“Furthermore, we are committed to supplying the approved indent for the smooth running of the economy. We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.”