Old, new  Naira notes remain legal, says CBN.

All Naira notes issued by the Central Bank of Nigeria (CBN) are still valid forms of payment, the CBN has stated.

Isa AbdulMumim, head of CBN’s corporate communications division, issued a statement on Wednesday clarifying the situation.

The alleged shortage of Naira notes in some of the country’s main cities provided the context for AbdulMumim’s statement.

AbdulMumim claims that cash reserves are adequate everywhere in the country.

“Despite guarantees of ample cash inventories in all locations across the country, stories of scarcity of cash in some key cities in the country have aroused our attention.

Some people in the public reportedly have concerns about whether or not older Naira banknotes are legitimate.

To clear up any confusion, we’d like to reaffirm that there are adequate quantities of currency in circulation to support normal economic activity across the country at this time.

In accordance with the CBN Act, he remarked, “We wish to declare explicitly that every banknote issued by the CBN is legal money and should not be rejected by anyone.”

He stated that the central bank had ordered all of its branches around the country to keep issuing new and redesigned banknotes in sufficient quantities to deposit money in banks.

Abdulmumim warned the Nigerian population against making any rash decisions regarding their money and asked them to continue using all banknotes issued by the CBN.

People, he said, should keep using digital payment methods to ease the burden on traditional cash transactions.

We confirm again that there is an adequate supply of currency notes to support everyday commerce.

“Furthermore,” he continued, “the public is again exhorted to continue to embrace alternate ways of payment” to lessen the burden on traditional cash transactions.

The CBN, under the helm of its controversial former governor, Godwin Emefiele, had previously announced plans to issue new versions of the N200, N500, and N1,000 banknotes beginning in October 2022.

Emefiele has previously stated that President Muhammadu Buhari’s administration had requested the new currency design.

He elaborated on how the Central Bank of Nigeria (CBN) will benefit from the Naira redesign policy in terms of its ability to regulate inflation, combat counterfeiting, and pay ransoms.

Due to the hardships this policy imposed on Nigerians; the Supreme Court ruled in March that it violated the people’s fundamental rights in a number of ways.

The highest court also struck down the regulation because it violated the Constitution in 1999.

However, President Bola Tinubu has delayed the end of acceptance of the old Naira notes as legal tender until December 31.