In response to cash scarcity concerns and public anxiety about the legitimacy of old Naira banknotes, the Central Bank of Nigeria (CBN) asserts that every banknote issued by them remains legal tender. The CBN, through Section 20(5) of the CBN Act, 2007, emphasises that all denominations of their banknotes should not be rejected.
CBN branches nationwide are directed to continue issuing various denominations of old and redesigned banknotes in sufficient quantities to deposit money banks for circulation to customers.
The public is strongly advised to accept all CBN-issued banknotes currently in circulation, and refusal to do so contradicts Section 20(5) of the CBN Act, 2007. The CBN assures the public of an ample stock of currency notes to support regular economic activities.
To ease the pressure on physical cash, citizens are encouraged to adopt alternative payment methods. The statement, dated November 8, 2023, and signed by Dr. Isa AbdulMumin, Director of Corporate Communications, underscores the CBN’s commitment to ensuring the continued stability of the nation’s currency.
