CBN Confirms Continued Circulation of Redesigned Naira Notes Amidst Scarcity Complaints

Redesigned naira notes 

The Central Bank of Nigeria (CBN) has affirmed that the redesigned naira notes are still in circulation despite complaints about their scarcity. Isa Abdulmumin, the acting director of CBN's Corporate Communications Department, made this known in a statement issued in Abuja on Sunday.

In the statement, Abdulmumin stated that the new and old currency notes have been circulating side by side, and the apex bank has been receiving a considerable quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited.

He added that there are no plans to phase out the redesigned naira notes from circulation, and the CBN is committed to providing the necessary indent for the smooth running of the economy.

According to him, both the old and redesigned notes would continue to be accepted as legal tender and would circulate side by side for transactions until the end of the year.
Abdulmumin issued the statement in response to viral news on social media that the CBN planned to withdraw the recently redesigned N1,000, N500, and N200 currency banknotes from circulation.

The Nigerian government launched the redesigned naira notes in 2019 as part of efforts to improve the security features of the currency and combat counterfeiting. 

The new notes feature enhanced security features such as a portrait watermark of prominent Nigerians, raised print, and new holographic features. Despite the redesign, the scarcity of the new notes has become a cause for concern among Nigerians, with some alleging that banks hoard them to sell at a premium to desperate customers.

The CBN has taken several measures to address the scarcity of the new notes, including increasing the distribution channels for the new notes and setting up mobile cash centres to dispense the notes in rural areas. However, the shortage persists, and Nigerians have expressed frustration with the situation, calling for the CBN to take more decisive action to ensure the availability of the new notes.

The CBN has confirmed that the redesigned naira notes will continue to circulate alongside the old notes until the end of the year. The apex bank has also reiterated its commitment to ensuring the availability of the new notes, and Nigerians are advised to continue to use both the old and redesigned notes as legal tender.