The Central Bank of Nigeria (CBN) has clarified the legal status of all banknotes, old and new, amidst reports of insufficient funds and the rejection of old notes in certain regions of the country. In a statement on its official platform, the CBN emphasized that all banknotes issued by the central bank remain legal tender and should not be refused by anyone, in accordance with Section 20(5) of the CBN Act, 2007.
Sufficient Banknotes for Normal Economic Activity
The CBN assured the public that there are ample banknotes available across the country to support regular economic transactions. The bank has directed its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in sufficient quantities to Deposit Money Banks, ensuring a steady supply to bank customers.
Legal Tender Status Unchanged
Reiterating its stance, the CBN emphasized that every denomination of banknotes issued by the central bank retains its legal tender status. This declaration aligns with Section 20(5) of the CBN Act, 2007, which unequivocally mandates that no entity should decline the Naira as a valid means of payment.
The CBN’s statement serves to address concerns about the acceptance of old and new banknotes and reaffirms the Naira’s stability as the nation’s official currency. It emphasizes the central bank’s commitment to ensuring that the Nigerian financial system operates efficiently and without disruptions related to the acceptance of legal tender.
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