The Central Bank of Nigeria has issued a directive to its branches across the nation, instructing them to continue supplying various denominations of both old and redesigned banknotes in substantial quantities to deposit money banks. This decision comes in response to reports of cash shortages in major cities, despite prior assurances from the CBN regarding the adequacy of cash availability throughout the country.
In a statement released by the Apex Bank and signed by its Director of Corporate Communications, Isa AbdulMumin, the institution emphasized the legality of all banknotes issued by the Central Bank of Nigeria. According to Section 20(5) of the CBN Act, 2007, all CBN-issued banknotes are recognized as legal tender and should not be refused by any entity.
The statement further revealed that CBN branches nationwide have been directed to continue the issuance of various denominations of both old and redesigned banknotes in sufficient quantities to Deposit Money Banks, with the aim of facilitating their onward circulation to bank customers.
The CBN stressed, “No one should refuse to accept the naira as a means of payment,” and encouraged the public to accept all CBN-issued banknotes currently in circulation while advising against panic withdrawals. The institution assured that there is an ample stock of currency notes to support regular economic activities.
Additionally, the Central Bank urged the public to adopt alternative payment methods to alleviate the pressure on physical cash usage, reaffirming the availability of a variety of denominations to meet the needs of economic transactions.