New, Old Naira Notes Remains Legal Tender – CBN

The Central Bank of Nigeria has directed all of its branches to keep issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks.

The apex bank made this announcement on Wednesday on its X Twitter in a statement that was signed by Isa AbdulMumin, Director of Corporate Communications.

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This is in reaction to allegations of cash shortages in major cities, even though the CBN had previously promised that there would be enough cash available everywhere.

Part of the statement read, “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.”

It added that “no one should refuse to accept the naira as a means of payment.”