Why CBN debunked reports to phase out the recently redesigned naira notes.

The Central Bank of Nigeria (CBN) has debunked reports that it plans to phase out the recently redesigned naira notes.

The CBN stated that there is no such plan and that the redesigned notes remain legal tender. The reports had caused concerns among Nigerians, who feared that the phasing out of the notes would result in a loss of value for their savings.

The CBN’s statement reassured the public that their savings are safe and that they can continue to use the redesigned notes for transactions without any fear of them becoming obsolete.

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In a statement, the CBN stated that it has no plans to phase out any of the banknotes currently in circulation, including the new polymer notes.

The bank also urged Nigerians to disregard any such rumors and to continue to use all denominations of the naira for their transactions.

The CBN’s statement aims to dispel any confusion or uncertainty that may have arisen as a result of the reports and to reassure the public that the naira remains a viable and reliable currency.