The Central Bank of Nigeria (CBN) has once again reassured the Nigerian public about the availability of an adequate supply of naira notes within the country.
In a statement released on Wednesday, the apex bank cautioned against unnecessary panic withdrawals and affirmed the legality of both old and new naira notes.
CBN’s spokesperson, Isa AbdulMumin, stated, “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.
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“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 central bank further reaffirms its assurance of the availability of an adequate currency supply to facilitate regular economic activities.
Last October, the then CBN Governor, Godwin Emefiele, had unveiled plans to revamp the three highest denominations of the naira bills and had urged Nigerians to deposit their old notes by January 31, 2023, when they would lose their legal tender status.
The naira scarcity had led to economic hardships for many Nigerians, resulting in protests in some regions and instances of vandalism, including the destruction of banks and Automated Teller Machines (ATMs).
Subsequently, the central bank announced an extension of the naira exchange deadline, with approval from then President Muhammadu Buhari.
Some former governors from the All Progressives Congress (APC) had taken the CBN and the Federal Government to the Supreme Court, and the apex court ruled in March 2023 that the old N200, N500, and N1,000 notes would remain legal tender until December 31, 2023.
