The Central Bank of Nigeria, CBN, on Wednesday mentioned that every one banknotes (outdated and new) remain legal tender.
The apex financial institution was reacting to information of inadequate funds, and rejection of outdated notes in some elements of the nation.
The financial institution made the declaration in a press release by its spokesman, Isa AbdulMumin, and posted on its Twitter platform now X Platform.
The assertion mentioned: “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.
“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.”
