BREAKING: CBN announces final decision on legality of old, new naira notes

Old note and new naira

The Central Bank of Nigeria has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks.

The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its X handle today.

This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN about sufficient cash availability nationwide.

Part of the statement reads, “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 for onward circulation to bank customers.

“We wish to restate that all denominations of banknotes issued by the CBN remain legal tender. In line with Section 20(5) of the CBN Act, 2007.”

It added that “no one should refuse to accept the naira as a means of payment.”

The CBN advised 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 noted.

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