The Central Bank of Nigeria has issued directives to its branches nationwide to continue providing sufficient quantities of both old and redesigned banknotes to deposit money banks.
In a statement signed by the Director of Corporate Communications, Isa AbdulMumin, and posted on its official channels, the apex bank responded to concerns about cash shortages in major cities, affirming the availability of ample banknotes across the country.
The statement emphasized that all banknotes issued by the Central Bank of Nigeria remain legal tender, and it is against the law to reject them, as stipulated in Section 20(5) of the CBN Act, 2007.
CBN branches throughout the nation have been instructed to supply various denominations of both old and redesigned banknotes to Deposit Money Banks for circulation to their customers.
The CBN also advised the public to accept all CBN-issued banknotes in circulation and discouraged panic withdrawals.
The statement reiterated the ample availability of currency notes for normal economic activities and encouraged the public to adopt alternative payment methods to reduce reliance on physical cash.
