Reacting to fears among Nigerians over the legality of old naira banknotes, the CBN in a statement signed by spokesperson Isa AbdulMumin clarified the status of the banknotes.
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“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,” the statement read.
“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.”
Furthermore, he disclosed that all branches of the CBN across the country have been mandated 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.
He urged members of the public not to reject any banknotes issued by the apex bank that is currently in circulation and to avoid panic withdrawals, adding that there is sufficient stock of currency notes to facilitate normal economic activities.