No one should reject old naira notes, CBN warns

No one should reject old naira notes, CBN warns

The Central Bank of Nigeria has warned members of the public against rejecting old naira notes.

It stressed that all banknotes (old, and new) remain legal tender.

It stated this on Wednesday while reacting to reports of rejection of old notes in some parts of the country.

The bank on its Twitter platform now X Platform, said: “For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activities, 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.”

This was credited to the CBN spokesman, Isa AbdulMumin.

“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.”