In a recent statement, the Central Bank of Nigeria (CBN) has emphasized that all denominations of banknotes it has issued remain legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.
The CBN also reassured the public that there are ample banknotes available across the country to support normal economic activities, and every banknote issued by the CBN remains valid for transactions.
The central bank has directed its branches nationwide to continue providing various denominations of both old and redesigned banknotes in sufficient quantities to deposit money banks (DMBs) for circulation to bank customers.
This reaffirmation by the CBN comes in response to concerns and anxiety among some members of the public regarding the legality of old Naira banknotes.
The CBN strongly advises the public to accept all CBN-issued banknotes currently in circulation and discourages panic withdrawals. They further underscore that there is an ample stock of currency notes to facilitate regular economic transactions.
However, the apex bank encourages the public to embrace alternative payment methods to reduce the reliance on physical cash.
Dr. Isa AbdulMumin, Director of Corporate Communications at the Central Bank of Nigeria, stated, “For 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.”
This statement is intended to alleviate concerns about the validity of Naira banknotes and reassure the public of the availability of cash for everyday transactions.
✍️ Nwokwu Chukwuemeka
Obinwannem Ebonyi State
Published by, Okuh Ikeme.
