The Central Bank of Nigeria (CBN) has denied reports that it intends to phase out the newly redesigned naira notes.

The Central Bank of Nigeria (CBN) debunked the report in a statement issued on Sunday by its Acting Director of Corporate Communications, Isa Abdulmumin.

The CBN stated in a statement posted on Twitter that speculations about the withdrawal of new notes are unfounded and a ploy by some interests to create panic among members of the public.

The apex bank reiterated that the new and old currency notes have been circulating alongside each other and that the Bank has received a large quantity of the redesigned naira notes.

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