Old and New Naira Notes Remain Legal Tender, Says CBN

The Central Bank of Nigeria (CBN) has confirmed that both old and redesigned naira banknotes are legal tender in the country and should not be rejected by anyone.

The CBN’s Director of Corporate Communications, Isa AbdulMumin, issued this statement in response to reports of cash shortages in major cities, despite previous assurances of sufficient cash availability.

According to the CBN, there are enough banknotes for routine economic operations throughout the country. They noted that, according to Section 20(5) of the CBN Act of 2007, every banknote issued by the CBN remains legal tender.

The CBN has directed its branches throughout the country to continue issuing various denominations of both old and redesigned banknotes in sufficient amounts to deposit money banks for onward circulation to clients.

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The central bank further advised the public to accept all current CBN-issued banknotes and not refuse to accept the naira as a form of payment. To alleviate further pressure on the use of physical cash, the general population is encouraged to embrace alternate ways of payment.

This statement reaffirms the CBN’s commitment to keeping the naira as a stable and widely recognized mode of payment in Nigeria.

Source: Punch