Naira
CBN allays fears over scarcity of naira notes, insists old, new notes remain legal tender
The Central Bank of Nigeria (CBN) has reassured Nigerians of sufficient naira notes in the country, warning against panic withdrawals in commercial banks.
A statement on Wednesday, by CBN’s Director of Corporate Communications, Isa AbdulMumin, also stated that old and new naira notes remained legal tender in the country.
The CBN said, “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 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 for onward circulation to bank customers.
“We wish to restate that all denominations of banknotes issued by the 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.”
The apex bank reaffirmed that “there is sufficient stock of currency notes to facilitate normal economic activities”.
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