CBN urges against Panic Withdrawals, insists Old Naira Notes remain Legal Tender

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Once more assuring citizens that there are enough naira notes in the nation, the Central Bank of Nigeria (CBN) has issued a warning against panic withdrawals.

Both old and new naira notes are still legal cash, the apex bank reaffirmed in a statement on Wednesday.

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously 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,” said CBN spokesman, Isa AbdulMumin.

He further revealed, “Accordingly, 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.

“We wish to restate that all denominations of banknotes issued by the 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.”

“Reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities”. the top bank said.

Former CBN Governor Godwin Emefiele advised Nigerians to deposit their old notes by January 31, 2023, when they would no longer be legal money, and announced plans to redesign the three highest naira banknotes in October of last year.

Numerous Nigerians experienced hardship as a result of the currency crisis, which sparked riots in some areas and the destruction of some banks and automated teller machines (ATMs).

Later, the top bank announced that President Muhammadu Buhari had given his approval for an extension of the naira swap deadline.

After a few governors from the All Progressives Congress (APC) sued the Federal Government and the CBN to the Supreme Court, the court decided in March 2023 that the old N200, N500, and N1,000 notes will continue to be accepted as lawful tender until December 31, 2023.

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