CBN Insists That All Naira Notes Are Legal Tender
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has restated that all denominations of naira notes issued by the bank are still considered legal tender and should be accepted for payment of goods and services.
This declaration by the CBN is in compliance with Section 20(5) of the CBN Act, 2007.
Consequently, the CBN has instructed its branches nationwide to continue supplying sufficient quantities of both old and redesigned naira notes to Deposit Money Banks (DMBs) for circulation to bank customers. This action ensures that there is enough money in circulation to meet the demands of the economy.
In a statement issued by Dr Isa AbdulMumin, the Director of Corporate Communications at the bank, the CBN urges the public to accept all naira notes currently in circulation and avoid making panic withdrawals.
The bank has also emphasized that there is no shortage of cash and is fully committed to ensuring the smooth functioning of the payment system.
To reduce reliance on physical cash further, the CBN is still encouraging Nigerians to use alternative payment methods such as electronic transfers and mobile money. The bank believes these methods offer convenience, security, and efficiency in financial transactions.
The apex bank affirmed its dedication to maintaining price and monetary stability while promoting a robust financial system in Nigeria. The CBN equally assured the public that it will continue taking all necessary measures to preserve the stability of the naira and the integrity of the Nigerian payment system.
