" ITREALMS: All CBN issued banknotes remain legal tender - ITREALMS


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Wednesday, November 08, 2023

All CBN issued banknotes remain legal tender - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The apex banking institution in the country, the Central Bank of Nigeria (CBN) has reaffirmed that all its bank notes remain legal tender as issued, reports 
Director, Corporate Communications, CBN, Dr. Isa AbdulMumin, in a press statement available to 
ITREALMS, said that their attention have again been drawn to reports of a 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," he decried.

For the avoidance of doubt, the CBN spokesman said that while reiterating that there are sufficient banknotes across the country for all normal economic activity, the apex bank insisted that every banknote from it remained valid and are legal tenders in the country.

"We wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007," he said.

Accordingly, he said, 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.

"We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment," he said.

Further, he said that members of the public are advised to accept all CBN-issued banknotes
currently in circulation and guard against panic withdrawals.

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

To reduce the pressure on the use of physical cash, the spokesman advised members of the
public to continue to embrace alternative modes of payment.

Remmy Nweke/DoP

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