The Central Bank of Nigeria (CBN) has moved to dispel rumors of a possible cash scarcity in the country, reiterating that all denominations of banknotes issued by the CBN remain legal tender. The CBN has also directed its branches across the country to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.
The CBN’s statement comes amidst recent panic over a possible currency scarcity, as the December deadline for the transition to the new naira policy approaches. The apex bank has assured the public that there are sufficient cash stocks in all locations across the country.
The CBN has also cautioned that the rejection of old naira banknotes is illegal and that anyone who refuses to accept them as a means of payment is liable to prosecution. The CBN has advised members of the public to accept all CBN-issued banknotes currently in circulation and to guard against panic withdrawals.
The CBN has also urged members of the public to embrace alternative modes of payment, such as electronic payments, in order to reduce the pressure on the use of physical cash.
