Old, new naira notes remain legal tender, CBN reaffirms

 

The Central Bank of Nigeria (CBN) yesterday restated that all naira denominations remain legal tender.

It directed its branches to continue issuing adequate quantities of both old and redesigned naira notes. 

CBN, in a statement by its Director of Corporate Communications, Dr Isa AbdulMumin, said: “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.

“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 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.

Source: The Nation