CBN maintains sufficient stock of currency notes, warns against panic withdrawals
The Central Bank of Nigeria (CBN) has reassured Nigerians that there is an adequate supply of naira notes in the country and urged against panic withdrawals.
In a statement released on Wednesday, the apex bank affirmed the legality of both old and new naira notes as legal tender.
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CBN spokesman, Isa AbdulMumin, emphasized, “For the avoidance of doubt, 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.”
Furthermore, the CBN directed its branches nationwide to continue issuing different denominations of both old and redesigned banknotes in sufficient quantities to Deposit Money Banks for circulation to customers.
The CBN reiterated its commitment to maintaining a sufficient stock of currency notes to facilitate normal economic activities. Last October, the then CBN Governor announced plans to redesign the three highest naira bills and set a deadline for the deposit of old notes.
The ensuing naira crunch caused economic turmoil, leading to protests and unrest in some states.
Neptune Prime recalls that the Supreme Court’s ruling in March 2023 determined that the old N200, N500, and N1,000 notes would remain legal tender until December 31, 2023.
In conclusion, the CBN emphasized that all denominations of banknotes issued by the CBN remain legal tender and urged the public to continue using the naira as a means of payment.