Supply of naira notes: The Central Bank of Nigeria (CBN) has once again reassured Nigerians of an ample supply of naira notes in the country, cautioning against panic withdrawals. In a statement released on Wednesday, the apex bank emphasized that both old and new naira notes retained their status as legal tender.
While emphasizing the availability of sufficient banknotes across the nation for regular economic transactions, CBN spokesperson Isa AbdulMumin underscored the mandate that all banknotes issued by the Central Bank of Nigeria are to be accepted without rejection, as stipulated in Section 20(5) of the CBN Act, 2007.
AbdulMumin further stated that CBN branches nationwide had been instructed to continue issuing various denominations of both old and redesigned banknotes in appropriate quantities to Deposit Money Banks for circulation among customers.
The CBN reiterated the legal tender status of all its issued banknote denominations, stressing that refusal to accept the Naira as a payment method was in violation of Section 20(5) of the CBN Act, 2007.
The apex bank maintained that there was an adequate supply of currency notes to facilitate regular economic activities. Last year, the former CBN Governor Godwin Emefiele had announced plans to revamp the three highest naira bills, prompting a call for Nigerians to deposit their old notes before January 31, 2023, after which they would cease to be legal tender.
The currency supply of naira notes had caused significant economic disruptions, leading to widespread difficulties among Nigerians and prompting unrest in some regions, including the destruction of several banks and Automated Teller Machines (ATMs). Following a legal battle initiated by certain All Progressives Congress (APC) governors, the Supreme Court ruled in March 2023 that the old N200, N500, and N1,000 notes would remain as legal tender until December 31, 2023. Source thedailycourierng news