By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has emphasised that it does not intend to withdraw the redesigned N200, N500 and N1,000 notes from circulation.
The apex bank was reacting to widespread reports that it was walking back on the plans to redesign the country’s top three highest denominations.
In a statement on Sunday, the apex bank’s Acting Director of Corporate Communications, Mr Isa AbduMumima, described the reports as unfounded speculation, noting that there was no plan to phase out the three newly redesigned banknotes.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is contemplating the withdrawal of the recently redesigned N1000, N500 and N200 currency banknotes from circulation,” the statement partly read.
“We wish to state emphatically that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.
“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 (NSPMC) Limited.
“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,” the statement concluded.
Following the plans announced last October, the CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians.
President Muhammadu Buhari, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
The Supreme Court on March 3 ordered that old N200, N500 and N1,000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed to the apex court to void and set aside the policy on the ground that it inflicted hardships on innocent Nigerians.
After the March 3 judgement by the Supreme Court, the Presidency waited 10 days before putting out the directive that it didn’t stop the CBN or the Attorney General, Mr Abubakar Malami, from allowing the continuation of the old notes; this forced the hand of the apex bank to save its face and confirmed the continued use of the old notes till December 31.
Modupe Gbadeyanka