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
on Wednesday.
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 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 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.