February 22, 2024
CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender
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CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender

The Central Bank of Nigeria (CBN) has again assured Nigerians of sufficient naira notes in the country, and warned against panic withdrawals.

The CBN spokesman, Isa AbdulMumin, in a statement yesterday, reiterated that old and new naira notes remained legal tender, and that there are sufficient banknotes across the country for all normal economic activity.

He also said 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.

READ ALSO: Lagos Demolishes Buildings At Int’l Trade Fair Complex Over Infractions

The spokesman for the apex bank added that 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.

He also cautioned that In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment.

    • 3 months ago

    […] READ ALSO: CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender […]

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