All denominations of naira notes that the Central Bank of Nigeria (CBN) has issued are still legal money and should be accepted as payment for goods and services, the CBN has underlined.
The CBN stated that this instruction complies with CBN Act, 2007 Section 20(5).
The CBN has instructed all of its branches to keep providing Deposit Money Banks (DMBs) with sufficient amounts of both the old and redesigned naira notes so that DMBs can distribute them to bank customers.
It claimed that by taking this action, the economy would have access to enough cash to meet its needs.
The CBN asked the people to accept all naira notes in circulation and abstain from panic withdrawals in a statement made by Dr. Isa AbdulMumin, Director of Corporate Communications at the bank.
The bank emphasized that cash is not in limited supply and that it is dedicated to making sure the payment system runs smoothly.
The CBN promotes the use of alternative payment systems, including as mobile money and electronic transfers, which it views as providing ease, security, and efficiency in financial transactions, in an effort to further lessen the need on physical currency.
The top bank declared that it is still dedicated to upholding its mandate, which includes fostering a stable financial system in Nigeria and guaranteeing price and monetary stability. The public was given the assurance that all necessary steps will be taken to preserve the integrity of the Nigerian payment system and the stability of the naira.