The CBN has assured the public that there is enough money in circulation and that all banknotes (old and new) are valid.
The bank was responding to reports of money scarcity and the rejection of old notes in some parts of the country.
The bank said on its Twitter platform now, X Platform: “We want to make it clear that there is enough money for all normal economic activities in the country and that every banknote issued by the CBN is valid and should be accepted by everyone, as the law says in Section 20(5) of the CBN Act, 2007,” said CBN spokesman Isa AbdulMumin.
He added, “We have instructed our branches across the country to continue to supply different denominations of old and redesigned banknotes to commercial banks for them to give to their customers.
“We want to remind everyone that all denominations of banknotes issued by the CBN are valid. As Section 20(5) of the CBN Act, 2007 says, No one should refuse to take the naira as a means of payment.”