The Central Bank of Nigeria once again debunked rumours of naira scarcity in the country, amid reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
CBN in a statement by its spokesman, Isa AbdulMumin, reiterated that there are sufficient banknotes across the country for all normal economic activity.
The apex bank further stated 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.
“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 (DMBs) for onward circulation to bank customers.”We Have Sufficient Stock Of Currency Notes – CBN
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“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. We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities.
The statement added that to further reduce the pressure on the use of physical cash, the apex bank advised members of the public to continue to embrace alternative modes of payment.
