The old and new naira notes will continue to get recognized as ‘circulating medium’ in the country, the nation’s apex bank, the Central Bank of Nigeria, has submitted.
The apex bank noted that its branches across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers.
Team@orientactualmags.com learned that the apex bank disclosed this in a statement issued on Wednesday by its Director, Corporate Communications, Isa AbdulMumin which was also posted on X .
‘For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, 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
Accordingly, branches of the CBN across the country have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to Deposit Money Banks for onward circulation to bank customers. We wish to restate that all denominations of banknotes issued by the 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’ the statement said.
‘We reaffirm that there is sufficient stock of currency notes to facilitate 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’ the statement added- Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you
