The Central Bank of Nigeria (CBN) has emphasized that old naira notes have not been prohibited and will remain valid currency in Nigeria.
There has been widespread concern among the public regarding the status of old naira banknotes.
In a statement released on Wednesday by CBN’s Director of Corporate Communications, Isa AbdulMumin, it was asserted that there is an adequate supply of banknotes to support economic activities in the country.
AbdulMumin stated, “Our attention has once again been drawn to reports of a shortage of cash in various major cities across the country, despite our assurances of sufficient cash reserves available in all regions. Additionally, there have been reports of uncertainty among some members of the public concerning the legality of old Naira banknotes.
“To dispel any doubts, while reiterating that there is an ample supply of banknotes nationwide for all routine economic transactions, we want to unequivocally declare that every banknote issued by the Central Bank of Nigeria (CBN) remains valid and should not be refused by anyone, as specified in Section 20(5) of the CBN Act 2007.
“In light of this, CBN branches throughout the country have been instructed to continue supplying various denominations of old and redesigned banknotes in sufficient quantities to deposit money banks (DMBs) for further distribution to bank customers.
“We wish to reaffirm that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) are valid currency. In accordance with Section 20(5) of the CBN Act 2007, no one should decline to accept the Naira as a means of payment.
“As a result, we advise the public to accept all CBN-issued banknotes currently in circulation and avoid making panic withdrawals. We confirm that there is an ample supply of currency notes to facilitate regular economic transactions.
“Furthermore, in order to reduce the reliance on physical cash, we once again encourage the public to adopt alternative payment methods.”
| Sahara Reporters
