CBN: All Naira Notes Accepted

CBN: All Naira Notes Accepted

The Central Bank of Nigeria (CBN) has made an important announcement regarding the acceptance of both old and redesigned banknotes. In response to reports of cash shortages in major cities, the CBN has instructed all its branches to continue issuing an ample supply of different denominations of banknotes to deposit money banks.

What the CBN Says

The CBN wants to make it clear that every banknote issued by them is still considered legal tender and should not be rejected by anyone. This is stated in Section 20(5) of the CBN Act, 2007. The CBN has directed its branches across the country to provide enough old and redesigned banknotes to deposit money banks for circulation to customers.

Accepting the Naira

The CBN emphasizes that no one should refuse to accept the naira as a means of payment. They urge the public to accept all CBN-issued banknotes currently in circulation and to avoid panic withdrawals. The CBN assures that there is enough currency stock to support normal economic activities.

“Nigeria’s Foreign money Outdoors Banks Hits N2.29 Trillion” “

Embracing Alternative Payment Methods

To reduce the pressure on using physical cash, the CBN advises the public to embrace alternative modes of payment. This means considering options like electronic transfers, mobile payments, and other digital payment methods.

Remember, the CBN wants everyone to know that both old and new naira notes are still valid and should be accepted. So, there’s no need to worry if you come across different versions of the naira. Just keep in mind that there are plenty of banknotes available for everyday transactions.

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