CBN states that both new and old naira notes are still valid forms of payment.

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CBN states that both new and old naira notes are still valid forms of payment.

 By; Mary Owolabi

The Central Bank of Nigeria, or CBN, said on Wednesday that all currency, new and old, is still valid for payment.

The nation’s top bank was responding to reports of inadequate funding and outdated notes being rejected in certain regions.

“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,” the bank stated on its now-renamed X Platform Twitter account. CBN spokesman Isa AbdulMumin made the statement.

“We wish to restate that all denominations of banknotes issued by the CBN remain legal tender. Branches of the CBN across the nation have been directed to continue issuing various denominations of old and redesigned banknotes in sufficient quantities to Deposit Money Banks for onward circulation to bank customers.” According to the CBN Act, 2007 Section 20(5), no one has the right to refuse to accept Naira as payment.