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December 5, 2023

Don’t panic, naira notes still legal tender – CBN

The Central Bank of Nigeria (CBN) has again assured Nigerians that there is no need to panic about the availability of naira notes.

The apex bank in a statement on Wednesday said that there is sufficient cash in circulation to meet the needs of all Nigerians.

CBN spokesman, Isa AbdulMumin, said that all denominations of naira notes issued by the CBN remain legal tender.

“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,” he said.

“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.”

He warned that anyone who refuses to accept naira notes as a means of payment is breaking the law.

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