The Central Bank of Nigeria (CBN) has instructed its branches nationwide to continue issuing both old and redesigned naira notes in ample quantities to deposit money banks.
PulseNets reports that this directive comes on the heels of reports of cash scarcity in major cities despite earlier assurances from the CBN about sufficient cash availability.
The CBN, in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, has reiterated that all naira notes issued by the bank remain legal tender and should not be rejected by anyone.
“We wish to state unambiguously that every banknote issued by the Central Bank of Nigeria remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” the statement said.
To ensure the smooth circulation of cash, the CBN has directed its branches across the country to continue issuing different denominations of old and redesigned banknotes to deposit money banks (DMBS) for onward distribution to bank customers.
“We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities,” the statement added.
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To reduce reliance on physical cash, the CBN has encouraged the public to embrace alternative modes of payment, including electronic transfers and mobile money.
