Old, new naira notes remain legal tender – CBN
.......debunks reports of currency shortage........
The Central Bank of Nigeria (CBN), has said that all banknotes issued by it remained legal tender across the country.
This was contained in a statement signed by the Director of Corporate of the apex bank, Isa AbdulMumin, on Wednesday, over the legality of the old notes.
The apex bank assured Nigerians that there are sufficient banknotes to facilitate economic activitie, hence the need for them to guard against panic withdrawals.
The apex bank said there are reports of scarcity of cash in some major cities in the country, thereby assuring members of the public
that there are sufficient cash stocks in all locations across the country.
The CBN said, “Our attention has again be drawn to reports of scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.
“There have been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
“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 banknotes 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 2007.
“Accordingly’ branches of the CBN across the country had been. directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Bank for onward circulation to bank customers.
“We wish to restate that all denominations of bank notes 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 note to facilitate normal economic activities.
“Furthermore, 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.”
