Reiterates assurance of sufficient naira notes in its stock
The Central Bank of Nigeria (CBN) has confirmed that the old and redesigned Naira notes remain legal tenders for financial transactions across the country, just as it reiterated the assurance of sufficient naira notes in its stock.
These were made known in a statement by the Director of Corporate Communications at the Apex Bank, Dr Isa AbdulMumin
AbdulMumin who insisted that there is no doubt over the legality of the old Naira notes, insisted that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone,
” 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,” he said.
He added, “acordingly, 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.”
The CBN spokesman however appealed to members of the public continue to embrace alternative modes of payment in order to reduce the pressure on the use of physical cash,
