The Central Bank of Nigeria has recently supply reveales its supply of more quantities of the new notes to banks inorder to counter the rising concern of the scarcity of new notes.
This was disclosed to the media on Sunday in a statement by the CBN’s Acting Director, Corporate Communications, Dr Isa AbdulMumim.
According to them, Banks are expected to disburse the new currencies to their customers via over-the-counter payments and Automated Teller Machines.
The CBN statement reads, “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.”
However, the CBN re-stated that the redesigned and old notes would continue to be in side-by-side circulation as legal tender for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes will eventually be phased out.
It was recently reported that the currency in circulation in the country has increased by N701.4tn in one month to hit N1.6tn in March 2023 after the CBN reversed its policy on the naira redesign.