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CBN Warns Against Panic Withdrawals, Says Old Notes Remain Legal Tender


November 9, 2023

The Central Bank of Nigeria has reiterated that all denominations of naira notes it issued remain legal tender and should be accepted as payment for goods and services.

The apex bank, in a statement by its Director Corporate Communications Dr Isa AbdulMumin, also directed its branches across the country to continue issuing adequate quantities of old and redesigned naira notes to Deposit Money Banks (DMBs) for onward circulation to bank customers, and urged the public to accept all naira notes in circulation and refrain from engaging in panic withdrawals.

The bank emphasised that there is no shortage of cash and encourages the adoption of alternative payment methods, such as electronic transfers and mobile money to reduce the reliance on physical cash.