In a recent press release, the Central Bank of Nigeria (CBN) has reiterated the legality of all banknotes issued by the institution, assuring the public of sufficient currency stocks across the nation.
Despite reports of cash scarcity in certain cities, the CBN emphasizes the availability of currency for normal economic activities.
The CBN’s Director of Corporate Communications, Isa AbdulMumin PhD, underlined the continued legal tender status of all banknotes issued by the CBN as specified in Section 20(5) of the CBN Act, 2007. “No CBN-issued banknote should be rejected by anyone,” stated AbdulMumin, further directing CBN branches to continue issuing various denominations, including older and redesigned notes, to deposit money banks for circulation to customers.
The public is advised to accept all CBN-issued banknotes currently in circulation to avoid panic withdrawals, as the CBN assures ample stock to sustain regular economic activities. To alleviate the strain on physical cash, the CBN advocates the continued adoption of alternative payment methods.
This announcement comes amid concerns about the scarcity of physical cash and anxiety regarding the acceptance of older Naira banknotes. The CBN’s release aims to reinforce confidence in the legitimacy of all issued banknotes while encouraging the public to explore electronic payment solutions to ease reliance on cash transactions.