November 08, (THEWILL) – The Central Bank of Nigeria (CBN), on Wednesday, directed members of the public to accept all CBN-issued banknotes (including the old and redesigned banknotes) currently in circulation, saying “all banknotes issued by the CBN remain legal tender”.
Consequently, the apex bank, in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, directed all its branches across the country to continue to issue different denominations of the old and redesigned banknotes in adequate quantities to Deposit Money Banks (DMBs)
The clarification and directive followed reports of scarcity of cash across some major cities in the country despite initial assurances by the CBN of sufficient cash stocks in all locations across the country.
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 the old naira notes.
“For 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.
“Accordingly, 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.
”We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. 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. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.”
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