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The Central Financial institution of Nigeria (CBN) has directed all its branches throughout the nation to proceed to concern completely different denominations of the previous and redesigned banknotes in sufficient portions to deposit cash banks.
The apex financial institution has additionally maintained that each banknote that it has issued stay authorized tender and shouldn’t be rejected by anybody.
This disclosure is contained in a public assertion issued by the CBN on Wednesday, November 8, 2023, and could be seen on its official X (previously Twitter) account.
This follows reviews of shortage of money throughout some main cities within the nation regardless of preliminary assurances by the CBN of adequate money shares in all areas throughout the nation.
What the CBN is saying
The assertion from CBN reads, ”Our consideration has once more been drawn to reviews of a shortage of money throughout some main cities within the nation regardless of assurances of adequate money shares in all areas throughout the nation. There have additionally been reviews pf anxiousness amongst some members of the general public over the legality or in any other case of the previous naira notes.
”For avoidance of doubt, whereas reiterating that there are adequate banknotes throughout the nation for all regular financial exercise, we want to state unambiguously that each banknote issued by the Central Financial institution of Nigeria (CBN) stays authorized tender and shouldn’t be rejected by anybody as stipulated in Part 20(5) of the CBN Act. 2007.
”Accordingly, branches of the CBN throughout the nation have been directed to proceed to concern completely different denominations of previous and redesigned banknotes in sufficient portions to Deposit Cash Banks (DMBs) for onward circulation to financial institution prospects.
”We want to restate that every one denominations of banknotes issued by the Central Financial institution of Nigeria (CBN) stay authorized tender. In keeping with Part 20(5) of the CBN Act 2007 nobody ought to refuse to just accept the Naira as a way of fee.
”Consequently, members of the general public are suggested to just accept all CBN-issued banknotes at the moment in circulation and guard towards panic withdrawals. We reaffirm that there’s adequate inventory of foreign money notes to facilitate regular financial actions.’‘
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