…directs DMBs to continue to issue both old, new Naira notes
Central Bank of Nigeria, on Wednesday, directed all its branches throughout the country to continue to issue various denominations of both the old and redesigned banknotes in ample quantities to the Deposit Money Banks.
CBN Director of Corporate Communications, Isa AbdulMumin, disclosed this in a statement posted on the apex bank’s X handle.
This is coming against the backdrop of reports of cash shortages in major cities, despite CBN’s earlier assurances about the availability of sufficient cash all over the country.
The CBN statement partly read, “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 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.”
The apex bank urged the public 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. Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment,” it added.
Details later…
