BREAKING: CBN says old, new naira notes remain legal tender 

The Central Bank of Nigeria (CBN) has instructed all its branches across the country to continue issuing different denominations of old and new banknotes in adequate quantities to deposit money banks.

CBN disclosed this in a statement signed by its Director of Corporate Communications, Isa AbdulMumin via its X handle on Wednesday.

This is coming after reports of a shortage of cash in major cities despite assurances of sufficient cash available nationwide. 

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The apex bank further directs that to reduce the pressure on the use of physical cash, Nigerians should embrace alternative modes of payment. 

Part of the statement read: “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 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. 

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“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.”

CBN further stated that there is sufficient stock of currency notes to facilitate normal economic activities, noting that Nigerians should accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.