Breaking: Naira Scarcity: CBN supplies more new notes to banks

With rising concerns around the seeming disappearance of newly redesigned notes, the Central Bank of Nigeria has said it is supplying more quantities of the new notes to banks.

This was according to a statement by the CBN’s Acting Director, Corporate Communications, Dr Isa AbdulMumim, which was sent to Punch correspondent on Sunday.

Banks are expected to disburse the new currencies to their customers via over-the-counter payments and Automated Teller Machines.

The statement by the CBN read, “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.

“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.”

The CBN re-stated that the redesigned and old notes would continue to be accepted as legal tender and 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.