Old Naira Notes Still Legal Tender, Don’t Reject Them — CBN

The Central Bank of Nigeria (CBN) has issued out a warning to Nigerians against the rejection of any bank notes it has issued in line with the provision of the CBN Act 2007.

This comes amid fears that the old banknotes may cease to be legal tender by December 2023.

Africa Today News, New York recalls that on 3rd of March, the Supreme Court had ordered that old ₦200, ₦500 and ₦1000 notes remain valid till the 31st December, 2023.

This came after no fewer than 16 states of the federation instituted a suit to chal­lenge the legality or otherwise of the introduction of the policy.

CBN’s Director, Corporate Communications Department, Isa AbdulMumim, made this clarifica­tion in a statement on Wednesday.

AbdulMumim’s clarification was against the backdrop of re­ported scarcity of naira notes across some major cities in the country.

According to AbdulMumim, there is sufficient cash stocks in all locations across the country.

Read Also: Why CBN Must Tackle High Inflation Now – Sanusi

“Our attention has been drawn to reports of scarcity of cash across some major cities in the country despite assurances of suf­ficient cash stocks in all locations across the country.

“There have also been reports of anxiety among some members of the public over the legality or otherwise of old naira banknotes.

“For the avoidance of doubt, we reiterate that there are sufficient banknotes across the country for all normal economic activity.

“We wish to state unambigu­ously that every banknote issued by the CBN remains legal tender and should not be rejected by any­one, as stipulated in the CBN Act,” he said.

He said that all branches of the apex bank 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.

AbdulMumim urged the Ni­gerian public to accept all CBN-is­sued banknotes currently in cir­culation and guard against panic withdrawals.

He also advised members of the public to continue to embrace alternative modes of payment to reduce pressure on the use of phys­ical cash.

We reaffirm that there is suf­ficient stock of currency notes to facilitate normal economic activ­ities.

‘Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to em­brace alternative modes of pay­ment,’ he said.

Recall that the CBN, under the leadership of its embattled for­mer governor, Godwin Emefiele, announced the introduction of the redesigned of N200, N500 and N1,000 banknotes in October 2022.

Emefiele had said the banknotes were redesigned due to a request from the President Muhammadu Buhari led Federal Government.

Africa Today News, New York

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