The Central Bank of Nigeria (CBN) has reiterated that all denominations of naira notes it issued remain legal tender and should be accepted as a means of payment for goods and services.
This directive, the CBN said, is in accordance with Section 20(5) of the CBN Act, 2007.
The CBN has directed its branches across the country to continue issuing adequate quantities of old and redesigned naira notes to Deposit Money Banks (DMBs) for onward circulation to bank customers.
This measure, it said, 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 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.
To further reduce the reliance on physical cash, the CBN encourages the adoption of alternative payment methods, such as electronic transfers and mobile money which the bank believes are methods that offer convenience, security, and efficiency in financial transactions.
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.
