Old Currency Is Still Valid, Says CBN
The Central Bank of Nigeria maintains that all banknotes are still valid forms of payment
The announcement that there were not enough cash and that certain regions of the nation were rejecting old notes prompted the central bank to respond.
A message was released by the bank on its X Platform Twitter account, with a statement from Isa Abdul Mumin, the bank's spokesperson.
The text said as follows: "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, no one should refuse to accept the Naira as a means of payment."
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