Old and New Naira Notes Remain Legal Tender, CBN Clarifies

Dispelling Rumors and Ensuring Financial Stability

In a recent statement, the Central Bank of Nigeria (CBN) has reiterated that both old and new naira notes remain legal tender, addressing concerns surrounding cash shortages and the validity of the old currency. The CBN has directed its branches nationwide to continue issuing adequate quantities of both old and redesigned banknotes to deposit money banks, ensuring a seamless flow of cash within the economy. CONTINUE READING…

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The apex bank has emphasized that every banknote issued by the CBN remains legal tender, as stipulated in Section 20(5) of the CBN Act, 2007. This means that no one should refuse to accept the naira as a means of payment. The CBN has also advised the public to exercise caution and avoid panic withdrawals, as there is sufficient stock of currency notes to facilitate normal economic activities.

In addition to promoting the use of physical cash, the CBN has encouraged the adoption of alternative payment methods,such as electronic payments and mobile money transactions. This move aims to reduce the reliance on physical cash and promote a more efficient and secure financial system.

The CBN's clarification and proactive measures demonstrate its commitment to maintaining financial stability and ensuring that the Nigerian economy operates smoothly. By addressing concerns regarding cash shortages and validating the legal tender status of both old and new naira notes, the CBN is fostering confidence among the public and promoting a stable financial environment.

Source: PUNCH Newsletter

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