All Naira notes are legal tender, ignore currency scarcity claims – CBN tells Nigerians

The Central Bank of Nigeria, CBN, says all bank denominations currently in circulation remain legal tender.

Isa AbdulMumin, the CBN Director of Corporate Communications, disclosed this in a statement on Wednesday.

The apex bank also dismissed claims of scarcity of cash in some cities in the country.

CBN reiterated that Naira notes are sufficiently available across its branches nationwide.

“Our attention has 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.

“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.

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“Public members are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

“We reaffirm that sufficient stock of currency notes facilitates 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”, CBN stated. reports that members of the public are getting apprehensive as the 31st December deadline for the validity of N200, N500 and N1000 naira notes draws near.

Recall that in March, the Supreme Court affirmed the validity of the old notes amid the controversy which clouded the Naira redesign policy.

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