Old, new naira notes remain legal tender, CBN reaffirms

The Central Bank of Nigeria (CBN) yesterday restated that all naira denominations remain legal tender.

It directed its branches to continue issuing adequate quantities of both old and redesigned naira notes.

CBN, in a statement by its Director of Corporate Communications, Dr Isa AbdulMumin, 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 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 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.”

To further reduce the reliance on physical cash, the CBN called for the adoption of alternative payment methods.

CBN Governor Olayemi Cardoso will brief the House of Representatives on key policy issues today.

Spokesman of the House, Akin Rotimi, said in a statement: “The Sectoral Debate Series is intended to provide political appointees and key government officials an opportunity to brief members about the policies and programmes of their respective MDAs.

“These briefs are scheduled to take place during specific plenary sessions and would go a long way in fostering constructive and transparent dialogue between all arms of government in line with the legislative agenda of the Tenth House of Representatives.”

“Citizens and indeed our constituents are welcome to follow these sessions via our live broadcast platforms to gain perspectives on critical policies that shape the various sectors of our national life.”