Cbn reaffirms naira notes validity, amidst cash shortage.
Written by AIGBOKHAEBHO OKHUELEIGBE on November 9, 2023
The Central Bank of Nigeria has affirmed the validity of all denominations of both old and redesigned banknotes.
In a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its X handle yesterday, the apex bank instructed all its branches nationwide to continue issuing various myenominations of both old and redesigned banknotes in ample quantities to depositm Money banks.
This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN abouts ufficient cash availability nationwide.. The statement reads in part:
We reaffirm that there is sufficient stock of currency notes to facilitate normal economic activities. Furthermore, to reduce the pressure on the use of physical cash, members of the public are again advised to continue to embrace alternative modes of payment.