The Central Bank of Nigeria (CBN), the apex bank in a statement has made it unequivocally clear that both old and new Naira notes continue to be recognized as legal tender across the country.
This announcement comes in response to widespread concerns regarding the legality of old Naira notes, stemming from previous deadlines established by the former administration.
In the statement, issued from the organization’s headquarters in Abuja this evening, CBN has directed all its branches throughout the nation to continue the issuance of all Naira denominations.
The official statement reads, “Our attention has once again been drawn to reports of cash shortages in some major cities throughout the nation, despite assurances of ample cash reserves in all locations. Furthermore, there have been reports of public unease concerning the status of old Naira banknotes.
“To remove any ambiguity and reassure the public, we want to emphasize that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be declined by anyone, in accordance with Section 20(5) of the CBN Act, 2007.
“As a result, all CBN branches nationwide have been instructed to continue the issuance of various denominations of both old and redesigned banknotes in ample quantities to deposit money banks (DMBs) for subsequent circulation to their customers.
“We wish to reiterate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain valid forms of payment. As per Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.
“Consequently, we strongly advise the public to accept all CBN-issued banknotes currently in circulation and refrain from panic withdrawals. We reassert that there is an ample supply of currency notes to facilitate regular economic activities.”
