The Central Bank of Nigeria (CBN) has said that both old and new naira notes currently in circulation remain legal tender, and also warned the public against withdrawals of cash. This was disclosed on Wednesday in a statement issued by Isa AbdulMumin, the CBN Director of Corporate Communications.
The statement reads, “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.
“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.
“Public members are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.
“We reaffirm that sufficient stock of currency notes facilitates 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.”
The apex bank also stated that CBN branches nationwide have been directed to issue different denominations of old and newly redesigned Naira notes in sufficient amount to Deposit Money Banks for “onward circulation to bank customers.”