The Central Bank of Nigeria (CBN) has issued a statement affirming that all banknotes, including the old Naira banknotes, remain legal tender.
This declaration comes in response to reports of anxiety among some members of the public over the legality of the old currency.
In a statement released by CBN’s Director, Corporate Communications, Isa AbdulMumin, the apex emphasized that the old Naira notes should not be rejected.
The bank has assured that both the old and redesigned banknotes will be adequately issued to banks for the benefit of their customers.
The statement reads: “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.”
“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.”
The CBN reiterated that, in accordance with Section 20(5) of the CBN Act, 2007, every banknote issued by the CBN remains legal tender and should not be rejected by anyone.
To alleviate concerns, the CBN emphasized that its branches have been instructed to continue issuing various denominations of both the old and redesigned banknotes in adequate quantities to banks for onward circulation to customers.
“In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals,” the CBN stated.
The CBN urged the public to explore alternative modes of payment to alleviate pressure on the use of physical cash, reiterating that there is an ample supply of currency notes to facilitate normal economic activities.
