As Nigerians continue to bemoan the pressure of the growing scarcity of cash in circulation and banks, the Central Bank of Nigeria (CBN) on Friday insisted the problem was not as a result of the withdrawal of the old currency notes from circulation.
The apex bank, which gave the clarification in a statement in Abuja, said the old currency series of N1000, N500, and N200 Denominations were still valid as media of exchange for goods and services throughout the country.
Part of the statement signed by the Acting Director of Corporate Communications, Sidi Ali, Hakama, reads: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.
“In line with the Bank’s previous clarifications and to offer further assurance, the CBN
wishes to reiterate that the subsisting Supreme Court ruling granted on November 29,
2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200
denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the Naira, including the old and new designs
of N1000, N500, and N200 denominations, as well as the commemorative and previous
designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.
“We, therefore, advise the public to disregard any claims that the old series of the
aforementioned banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for
their daily transactions and to handle them with care to ensure their longevity.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”
For sometime, Nigerians have conrinued to find it difficult to carry out business transactions in commercial banks, as the s arcity of cash situation in the country worsens.
In the run up to the forthcoming yuletide festivities, getting cash either across the counters at the banks or from other electronic payment channels have become difficult, as the CBN has not been able to give credible explanations to the cause of tbe problem.
During the recent Monetary Policy Committee meeting in Abuja, the CBN governor, Olayemi Cardoso, had given the assurance that special arrangements were being considered to ensure adequate supply of cash to ensure the yuletide celebrations were not disrupted by scarcity of cash.
Despite the assurance, the situation has not improved, as bank customers continue to be denied the supply of cash to meet their demand.
