The Central Bank of Nigeria (CBN) has reiterated that all denominations of banknotes it has issued remain legal tender, and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.
Also, the apex restated that there are sufficient banknotes across the country for all normal economic activity, stressing that every banknote issued by the CBN remains legal tender.
The Bank said it has directed all its branches across the country to continue to issue different denominations of old and redesigned banknotes in adequate quantities to deposit money banks (DMBs) for onward circulation to bank customers.
Source: Tribune
