The Central Bank of Nigeria (CBN) has instructed all of its branches nationwide to continue providing ample quantities of both old and newly designed bank notes to deposit money banks.
The apex bank disclosed this in a statement on Wednesday, in response to reports of cash shortages in major cities despite previous assurances from the CBN about sufficient cash availability across the country.
The statement reiterated that there are enough banknotes in circulation for normal economic activities, and that all CBN-issued currency remains legal tender that cannot be rejected, as stipulated in the CBN Act of 2007.
Accordingly, CBN branches nationwide have been directed to keep issuing different denominations of old and new banknotes to deposit money banks for distribution to bank customers.
The CBN advised the public to accept all currently circulating CBN-issued banknotes and avoid panic withdrawals. It reaffirmed there are sufficient currency notes to facilitate normal economic activities.
To reduce reliance on physical cash, the statement also reminded the public to continue using alternative payment modes.