Nigeria: Old Banknotes Remain Legal Tender – Central Bank

The Central Bank of Nigeria says both the redesigned and old banknotes remain legal tender while urging Nigerians to accept both notes for transactions.

The CBN made the disclosure in a statement on Wednesday signed by the Director, Corporate Communications, Dr. Isa Abdulmumin.

Part of the statement reads: “There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

“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 (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007,” Abdulmumin said.

He 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.

The apex bank further noted that to reduce the pressure on the use of physical cash, Nigerians should embrace online and alternative modes of payment.

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