CBN Gives Branches Directive To Continue Issuing Old Naira Notes

 

The Central Bank  of Nigeria  on  ordered all its branches all over  the country  to continue  issuing out both the new and old naira notes.

CBN also confirmed that all  naira notes issued out to the public also remain legal tender warning  that no one should refuse  the Naira as a means of payment. 

Recall that there has reported  scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.

 In a statement issued Wednesday by CBN Director of Corporate communications, Dr AbdulMumin Isa, it dismissed anxiety being assumed  over the  legality  of the  old naira notes.

CBN advised members of the public  to accept all CBN-issued banknotes curently in circulation and guard against panic withdrawals, noting that, there is. sufficient stock of currency notes to facilitate normal economic activities. 

However , to reduce pressure on the use of physical cash, it urged members of the public to continue to embrace alternative modes of payment.

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 (CBN) remains legal ender 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".