In response to reported cash shortages in major cities across the country and the attendant anxieties among the public regarding the acceptance of older naira banknotes, the Central Bank of Nigeria (CBN) has said all banknotes in circulation across the country remain valid.
The CBN, in a press release issued on Wednesday and signed by its Director of Corporate Communications, Isa AbdulMumin, reaffirmed that all banknotes issued by the CBN remain legal tender and should not be refused for any transactions.
The CBN also noted that there are ample banknotes available to support normal economic activities.
While directing all its branches across the country to continue providing a variety of banknote denominations, including older and redesigned versions, to deposit money banks for distribution to the public, the CBN said no one should refuse to accept the naira as a means of payment as contained in Section 20(5) of the CBN Act, 2007.
“Members of the public are urged to accept all CBN-issued banknotes currently in circulation and are encouraged not to engage in panic withdrawals,” the statement said.
In addition to emphasizing the legality of the banknotes, the CBN also encouraged the use of alternative modes of payment to reduce the reliance on physical cash.
