CBN Issues Fresh Directives on Old and New Naira Notes

CBN Issues Fresh Directives on Old and New Naira Notes

Central Bank of Nigeria (CBN) has instructed all its branches nationwide to keep issuing both old and new naira notes to Deposit Money Banks (DMBs) on Wednesday.

The apex was reacting to news of a shortage of funds and the rejection of old notes in some parts of the country.

The CBN spokesman, Isa AbdulMumin said on their Twitter platform which is now X platform: “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 stated further: “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.”

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