Key highlights:
- CBN addresses concerns over disappearance of redesigned notes
- Banks expected to disburse new currencies to customers via over-the-counter payments and ATMs
- Redesigned and old notes to continue circulating side-by-side until December 31, 2023, when the old N1000, N500, and N200 banknotes will be phased out.
The Central Bank of Nigeria (CBN) has addressed concerns over the seeming disappearance of newly redesigned banknotes by assuring the public of its commitment to supplying adequate quantities of the new notes to banks. In a statement by the CBN’s Acting Director of Corporate Communications, Dr. Isa AbdulMumim, the bank emphasized that the new and old notes will continue to circulate side-by-side, and urged the public to disregard any report suggesting a phase-out of the redesigned currency. Banks are expected to disburse the new notes to customers through over-the-counter payments and ATMs.
