*The Central Bank of Nigeria states both all Naira notes remain legal tender, as the Bank announces that its branches across the West African country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to consumers

Isola Moses | 绿帽献妻

The Central Bank of Nigeria (CBN) has clarified that both old and new (redesigned) Naira notes remain legal tender in the West African country.

Dr. AbdulMumin Isa, Director of Corporate Communications at CBN, in a statement issued Wednesday, November 8, 2023, said the attention of the Bank had been called to 鈥渞eports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.鈥�

The Bankers鈥� Bank stated: 鈥淭here have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

鈥淔or the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.鈥�

Isa, in the statement noted that branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.

鈥淲e wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender.

鈥淚n line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment,鈥� it further stated.

The CBN further said: 鈥淐onsequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

鈥淲e reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.

鈥淔urthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment.鈥�