The Central Bank of Nigeria (CBN) has assured the public that all naira notes it issued, both old and redesigned, are legal tender and should be accepted as a means of payment for goods and services. The bank said this is in line with Section 20(5) of the CBN Act, 2007.
The CBN said it has directed its branches across the country to continue issuing adequate quantities of naira notes to Deposit Money Banks (DMBs) for onward circulation to bank customers. The bank said this measure ensures that there is sufficient cash in circulation to meet the needs of the economy.
The CBN, in a statement by Dr Isa AbdulMumin, Director of Corporate Communications of the bank, urged the public to accept all naira notes in circulation and refrain from engaging in panic withdrawals. The bank emphasised that there is no shortage of cash and it is committed to ensuring the smooth operation of the payment system.
The bank also encouraged the adoption of alternative payment methods, such as electronic transfers and mobile money, which it believes offer convenience, security, and efficiency in financial transactions. The bank said these methods reduce the reliance on physical cash and promote financial inclusion.
The apex bank said it remains committed to its mandate of ensuring price and monetary stability as well as promoting a sound financial system in Nigeria. It assured the public that it will continue to take all necessary measures to maintain the stability of the naira and the integrity of the Nigerian payment system.
