In a recent statement posted on its official handle, the Central Bank of Nigeria (CBN) has clarified that both old and redesigned banknotes remain legal tender. The CBN has instructed all its branches across the country to continue issuing various denominations of banknotes to deposit money banks in sufficient quantities.
This announcement comes in response to reports of cash shortages in major cities, despite previous assurances from the CBN regarding the availability of cash nationwide. The CBN emphasizes that every banknote issued by them should not be rejected by anyone, as stated in Section 20(5) of the CBN Act.
The CBN has directed its branches to ensure an adequate supply of both old and redesigned banknotes for circulation to bank customers. The public is urged to accept all CBN-issued banknotes currently in circulation and to avoid panic withdrawals.
Additionally, the CBN advises the public to embrace alternative modes of payment to reduce the reliance on physical cash. The statement reassures that there is sufficient stock of currency notes to facilitate normal economic activities.