Central Bank of Nigeria Addresses Concerns Over Old Naira Notes and Cash Scarcity
CBN Confirms Legitimacy of Old Naira Notes
Today, the Central Bank of Nigeria (CBN) reassured the public regarding the legitimacy of old Naira notes and addressed concerns about cash scarcity. Isa AbdulMumin, the Director of Corporate Communications at the CBN, confirmed that all CBN-issued banknotes, including redesigned ones, are legal tender. This confirmation is rooted in Section 20(5) of the CBN Act 2007.
Continual Supply of Banknotes to DMBs
AbdulMumin directed CBN branches to ensure a continuous supply of both old and redesigned banknotes to Deposit Money Banks (DMBs). He emphasized that there are ample banknotes available for regular economic activities and should not be refused as a means of payment. To alleviate pressure on physical cash, the CBN endorsed the use of alternative modes of payment.
Sufficient Stock of Currency and Warning Against Panic Withdrawals
The Central Bank reassured the public that there is a sufficient stock of currency to sustain normal economic activities and warned against panic withdrawals. Additionally, the public was encouraged to accept all circulating CBN-issued banknotes. This move by the CBN comes in response to rumors of cash scarcity and public concerns over the legitimacy of old Naira notes.
This article was created to provide valuable information to the public and ensure clarity on the current situation regarding old Naira notes and cash availability in Nigeria.
