Central Bank of Nigeria Affirms That All Banknotes, New and Old, Remain Legal Tender

The Central Bank of Nigeria (CBN) has clarified that all banknotes, whether old or new, remain valid legal tender in the country.

This announcement comes in response to reports of currency shortages and the rejection of older banknotes in some regions.

The CBN made this statement on its X Platform, addressing concerns and ensuring the public that there is an ample supply of banknotes available for regular economic transactions.

The CBN’s spokesperson, Isa AbdulMumin, emphasized that every banknote issued by the CBN is considered legal tender and should not be refused by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.

Furthermore, the CBN has instructed its branches nationwide to continue providing banks with various denominations of both old and redesigned banknotes to ensure they are readily available to customers.

It’s important to reiterate that, according to Section 20(5) of the CBN Act, 2007, no one is permitted to decline the Nigerian Naira as a form of payment.

In essence, this clarification from the CBN is aimed at assuring the public that all Naira banknotes, regardless of their age or design, are legally accepted and should be readily accessible for transactions throughout the country.

Source: Vanguard