CBN: No plans to phase out circulation of naira notes

The Central Bank of Nigeria (CBN) says it has no plans to phase out the circulation of the lower denomination of the naira notes.

Osita Nwanisobi, director, corporate communication, CBN, said this on Saturday in a telephone conversation with TheCable.

On Friday, a report had claimed that the apex bank would soon discontinue the printing of the lower denomination notes of the currency.

It alleged that the bank was “wasting money” on minting the notes.

“So very soon, you may not be seeing N5, N10 or N20 notes in circulation because CBN is using money to print these notes, and at the end of the day this N5, N10, N20 will be abused, the report said.

But when TheCable contacted Nwanisobi on the subject, he dismissed the claims.

“The CBN is not phasing out anything,” he said.