the Central Bank of Nigeria (CBN) held three rounds of auctions for Nigerian Treasury Bills (NTBs) in September, totaling N532.5 billion.

CBN: The Redesigned Naira Will Not Phase Out Of Circulation

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The redesigned Naira notes are not being phased out of circulation, according to the Central Bank of Nigeria (CBN).

Isa Abdulmumin, the acting director of the CBN’s corporate communications department, said this in a statement on Sunday in Abuja.

The announcement was made in response to social media rumors that the apex bank was considering withdrawing the freshly redesigned N1,000, N500, and N200 currency bills from circulation.”We want to make it clear that such rumors are untrue and that they are an attempt by some parties to frighten the people.

The old and new currency notes have been in use concurrently.

“The Nigeria Security Printing and Minting Company Limited has been delivering a good quantity of the redesigned banknotes to the CBN,” he added.

According to Mr. Abdulmumin, the CBN is dedicated to providing the “approved indent” necessary for the efficient operation of the economy.”We therefore urge the general public to ignore any report suggesting a phase-out of the redesigned currency,” the statement continued.

For the avoidance of dispute, both the old and the redesigned notes will be recognized as legal money.

Before the Dec. 31 deadline, when the old N1,000, N500, and N200 banknotes will eventually be phased out, they will circulate side by side for transactions, he said.(NAN)

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