All Banknotes Issued by the CBN Remain Legal Tender
(Business Africa Digest)-
The Central Bank of Nigeria(CBN) has again reminded the general public that all banknotes issued by it remain legal tender.
The clarification has become necessary following several reports of scarcity of cash across some major
cities in the country despite assurances of sufficient cash stocks in all locations across the country.
The apex bank in statement by it’s Director of Corporate Communications, Dr AbdulMumin Isa said there have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
CBN however reiterates that there are sufficient banknotes across the country for all normal economic activity, adding 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.
The apex bank also restates 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.
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.
