The Central Bank of Nigeria (CBN) has taken a crucial step to address the recent reports of cash shortages in major cities across the nation. In a statement released by the CBN’s Director of Corporate Communications, Isa AbdulMumin, the apex bank reaffirmed its commitment to ensuring an adequate supply of banknotes. This was posted on their official page on the X Platform (Twitter).
The Central Bank emphasised in its statement that everyone should accept all banknotes it issues, including both old and redesigned denominations, as legal tender, as stipulated in Section 20(5) of the CBN Act, 2007. This directive aims to guarantee the smooth flow of currency across the country.
Furthermore, the CBN has instructed its branches nationwide to continue supplying various denominations of banknotes to Deposit Money Banks (DMBs). These DMBs will, in turn, distribute the banknotes to their customers, ensuring that there is an ample supply of currency for normal economic activities.
The CBN expressed its commitment to maintaining a sufficient stock of currency notes to facilitate everyday transactions and urged the public not to engage in panic withdrawals. They encouraged people to accept all CBN-issued banknotes currently in circulation, reinforcing the idea that the naira remains a valid means of payment.
In addition to addressing the current cash shortage concerns, the CBN advised the public to embrace alternative modes of payment to reduce the pressure on the use of physical cash. This move aims to encourage the adoption of digital and electronic payment methods to further enhance the efficiency and security of financial transactions.