CBN Issues Fresh Directive on Old and New Naira Notes

CBN reaffirmed that Naira notes are widely available in all of its branches across Nigeria.

The Central Bank of Nigeria (CBN) plays a pivotal role in managing the country’s currency, the Naira. In a bid to ensure the integrity and stability of the nation’s currency, the CBN periodically issues directives that impact both old and new Naira notes. Recently, the CBN issued a fresh directive that has garnered attention and raised questions about the state of Nigeria’s currency.

Currency management is a critical aspect of any country’s financial stability. The central bank is responsible for ensuring that the nation’s currency remains in good condition, free from counterfeiting, and readily available for everyday transactions. Effective currency management not only impacts economic stability but also shapes the public’s confidence in the currency and the financial system as a whole.

The Supreme Court has upheld the validity of old notes amid a controversy surrounding the Naira redesign policy.
The CBN has encouraged the public to embrace alternative modes of payment, including electronic transfers and mobile money.

The Central Bank of Nigeria (CBN) has directed all of its branches to keep printing plenty of old and redesigned naira notes for deposit money banks.

In a statement released on Wednesday, Isa AbdulMumin, the Director of Corporate Communications at CBN, revealed this information.

The country’s top bank also denied reports that there was a cash shortage in certain of the nation’s cities.

CBN restated that Naira notes are adequately available at all of its locations around the country.

“Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (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.

“Public members are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

“We reaffirm that a sufficient stock of currency notes facilitates normal economic activities. Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment”, CBN stated.

Members of the public are getting apprehensive as the 31st December deadline for the validity of N200, N500, and N1000 naira notes draws near.

Recall that in March, the Supreme Court affirmed the validity of the old notes amid the controversy that clouded the Naira redesign policy.

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