The Central Bank of Nigeria has directed all of its branches across the country to continue supplying deposit money banks with a sufficient quantity of various denominations of both old and redesigned banknotes.
This directive was communicated in a statement posted on the CBN’s social media platform and was signed by its Director of Corporate Communications, Isa AbdulMumin.
It addresses concerns of cash shortages in major cities, despite previous assurances from the CBN regarding the nationwide availability of an adequate cash supply.
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 (DMBS) for onward circulation to bank customers.
“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.
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.
