Central Bank of Nigeria (CBN) has reiterated that all banknotes (old and new) remain legal tender.
The Director, Corporate Communications, Isa AbdulMumin in a statement on Wednesday, said the old naira notes should not be rejected, as they will be issued alongside redesigned banknotes in adequate quantities to banks for the benefit of their customers.
The CBN said, “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.”
The apex bank said, “There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.
“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 (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.”
