The Central Bank of Nigeria (CBN) has issued instructions to all its branches across the nation to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks. This directive aims to address reported cash shortages in major cities, despite earlier assurances from the CBN regarding sufficient cash availability nationwide.
The statement, signed by Isa AbdulMumin, the Director of Corporate Communications at CBN, emphasized that every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone, in accordance with Section 20(5) of the CBN Act, 2007.
The CBN clarified that there are sufficient banknotes across the country for normal economic activities. The branches of the CBN have been directed to continue issuing different denominations of both old and redesigned banknotes in adequate quantities to deposit money banks for onward circulation to bank customers.
The public is urged to accept all CBN-issued banknotes currently in circulation, and individuals and businesses are reminded that no one should refuse to accept the naira as a means of payment.
The CBN emphasized that the legal tender status of all denominations of banknotes issued by the CBN remains valid, and individuals should not engage in panic withdrawals. To alleviate pressure on the use of physical cash, the public is encouraged to embrace alternative modes of payment.
The statement reaffirms the commitment of the CBN to ensuring the availability of an adequate supply of currency notes to facilitate normal economic activities in the country.
