The Central Bank of Nigeria (CBN) recently dismissed reports claiming it plans to phase out redesigned N1,000, N500 and N200 notes due to scarcity of the notes.

Development Diaries reports that there have been growing concerns around the scarcity of the redesigned notes since the reintroduction of the old notes into circulation.

The apex bank made the disclaimer in a statement signed by its acting Director of Corporate Communications, Dr Isa Abdulmumim, describing the report as fake and untrue.

DISCLAIMER: CBN Disclaims Alleged Plans To Phase out Redesigned Naira Notes. pic.twitter.com/hjZXpP34Jq

— Central Bank of Nigeria (@cenbank) April 30, 2023

Though the CBN has dismissed the report, it is unsettling to know that the new notes are still scarce.

The Supreme Court of Nigeria had in March ruled that old N200, N500, N1,000 notes remain legal tender till 31 December, 2023.

This led to the reintroduction of the old notes into circulation to be used alongside the new ones.

However, over a month down the line, many Nigerians have complained about not getting the new notes from Automated teller Machines (ATMs) and over the counters.

This is quite worrisome because without the proper circulation of the new notes, the 31 December deadline may arrive too early for many Nigerians.

The CBN has a duty to inform Nigerians why the new notes are still scarce.

In line with the Freedom of Information Act (FOIA), Nigerians have the right to know what CBN’s plans are regarding the influx of new notes.

It is not enough to tell Nigerians that the notes are being given to banks; There needs to be evidence of this action.

Development Diaries calls on the apex bank to provide details on the amount of new notes released into circulation.

We also demand that the apex bank ensures that the new notes are properly circulated before the 31 December deadline.

Photo source: Presidency Nigeria