Amid widespread concerns regarding the legality of old Naira notes due to past administration-set deadlines, the Central Bank of Nigeria (CBN) has made it clear that both old and new Naira notes are still considered legal tender.
In a statement on Wednesday by Isa AbdulMumin, the Director of Corporate Communications, CBN assured that the old Naira notes should not be rejected.
The Apex bank added that they will continue to be issued alongside redesigned banknotes in sufficient quantities to banks for the benefit of their customers.
CBN said: “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.”
“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
“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 (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.
The CBN said it has directed all its branches across the country to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.
The apex bank said, “We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (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. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.”
The bank also reaffirmed that there is sufficient stock of currency notes to facilitate normal economic activities in the country.