Nigerian Central Bank Dismisses Rumors of Old Naira Banknotes Losing Legal Tender

The Nigerian Central Bank has dismissed rumors that old naira banknotes are no longer legal tender, reassuring the public that all banknotes ever issued by the bank remain valid. In addition, the bank has denied reports of cash shortages in major Nigerian cities. The statements were made in response to ongoing rumors and concerns. The Central Bank emphasized that all its banknotes should not be rejected by anyone, and its branches will continue to issue different denominations of both the old and redesigned naira banknotes. The bank also warned against panic withdrawals and encouraged the use of alternative payment methods.

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No Shortage of Naira Banknotes Says the Central Bank

The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.”

CBN Warns Against ‘Panic Withdrawals’

The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. The bank also rejected reports of cash shortages in major cities across Nigeria. In a statement issued on Nov. 8, the bank emphasized that all banknotes issued by the CBN “should not be rejected by anyone” as per the laws governing its operations. The CBN further stated that its branches across the country will continue to issue different denominations of both the old and redesigned naira banknotes.

The Nigerian Central Bank Dismisses Rumors of Old Naira Banknotes Losing Legal Tender

The Central Bank of Nigeria has officially dismissed rumors claiming that the previously demonetized naira banknotes have lost their legal tender status. These rumors have caused confusion and concern among the public, but the CBN is clarifying that all banknotes issued by the Central Bank of Nigeria remain legal tender. It is important for individuals and businesses to understand that these banknotes should not be rejected as a means of payment.

All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender

The Central Bank of Nigeria has reiterated that all banknotes issued by them remain legal tender. This means that the previously demonetized naira banknotes are still accepted and should not be refused as a form of payment. It is crucial for individuals and businesses to be aware of this and not fall victim to misinformation or speculation surrounding the legal status of the banknotes.

CBN Rejects Reports of Cash Shortages in Major Cities

Contrary to reports circulating in the media, the Central Bank of Nigeria has strongly denied any cash shortages in major cities across the country. The rumors of cash shortages have caused unnecessary panic and concern among the public. The CBN reassures the public that it is closely monitoring the situation and taking appropriate measures to ensure the smooth circulation of banknotes in all areas.

Laws Governing CBN Operations State that Banknotes Should Not Be Rejected

The laws governing the operations of the Central Bank of Nigeria clearly state that all banknotes issued by the CBN should not be rejected. It is important for individuals, businesses, and financial institutions to adhere to these laws and accept all banknotes as legal tender. Refusing to accept banknotes can lead to disruptions in the economy and create unnecessary difficulties for both individuals and businesses.

CBN Branches Continue to Issue Different Denominations of Old and Redesigned Naira Banknotes

The Central Bank of Nigeria continues to issue different denominations of both the old and redesigned naira banknotes through its branches across the country. This allows individuals and businesses to have access to a variety of banknotes for their transactions. The CBN recognizes the importance of providing a range of denominations to meet the diverse needs of the Nigerian population.

Background of the Nigerian Central Bank’s Demonetization Process

The demonetization process initiated by the Central Bank of Nigeria aimed to address various concerns, including activities of parallel market foreign exchange dealers and currency hoarders. Led by the then-governor Godwin Emefiele, this process was implemented to ensure the effectiveness of monetary policy and maintain the stability of the Nigerian currency. While there were reports of political motivations behind the demonetization process, the CBN has remained focused on its objectives and the welfare of the Nigerian economy.

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CBN’s Attempt to Demonetize Old Naira Banknotes Leads to Cash Shortages

As a result of the Central Bank of Nigeria’s attempt to demonetize old naira banknotes, the country experienced cash shortages in various areas. This disruption in the availability of banknotes caused inconvenience for individuals and businesses, leading to concerns and confusion among the public. The CBN has acknowledged these challenges and has made adjustments to ensure the smooth transition and availability of both the old and redesigned naira banknotes.

Conclusion

The Central Bank of Nigeria remains committed to providing the Nigerian public with access to a wide range of naira banknotes. It emphasizes that all banknotes it has ever issued remain legal tender and should not be rejected. The CBN urges individuals, businesses, and financial institutions to adhere to the laws governing its operations and avoid panic withdrawals. While challenges may arise during the demonetization process, the CBN is continuously working to address them and maintain a stable and reliable currency system.

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