Today, the Central Bank of Nigeria (CBN) addressed public concerns over the legitimacy of old Naira notes and rumors of cash scarcity. Isa AbdulMumin, Director of Corporate Communications at the CBN, confirmed that all CBN-issued banknotes are legal tender, including redesigned ones. The confirmation is rooted in Section 20(5) of the CBN Act 2007.
AbdulMumin directed CBN branches to ensure a continual supply of both old and redesigned banknotes to Deposit Money Banks (DMBs). He emphasized that there were ample banknotes 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.
The Central Bank reassured the public that there was a sufficient stock of currency to sustain normal economic activities and warned against panic withdrawals. The public was also 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.