The Central Bank of Nigeria (CBN) has debunked reports that it planned to phase out the newly redesigned N1, 000, N500, and N200 notes.

This was contained in a statement issued by Dr. Isa AbdulMumin, Ag. Director, Corporate Communications of the bank.

AbdulMumin who described the reports as “fake news”, advised members of the public to ignore such reports.

He said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to a fake news item circulating in the media, particularly in the social media space, suggesting that the Bank is contemplating the withdrawal of the recently redesigned N1, 000, N500 and N200 currency banknotes from circulation.

“We wish to state emphatically that such speculation is unfounded, nothing short of  a ploy by some interests to cause panic among members of the public.