1 year ago
The Nigerian cardinal slope has dismissed rumors suggesting that the antecedently demonetized naira banknotes are nary longer ineligible tender. According to the bank, each banknotes it has ever issued stay ineligible tender and “should not beryllium rejected by anyone.”
No Shortage of Naira Banknotes Says the Central Bank
The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the antecedently demonetized naira banknotes are nary longer ineligible tender. The slope besides rejected reports of currency shortages successful large cities crossed Nigeria.
All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender. #NairaBankNotes pic.twitter.com/x8WotrLp54
— Central Bank of Nigeria (@cenbank) November 8, 2023
In a connection issued connected Nov. 8 via X (formerly Twitter), the slope said the laws governing its operations intelligibly authorities that each banknotes issued by the CBN “should not beryllium rejected by anyone.” It added that CBN branches crossed the state person been told to proceed issuing antithetic denominations of some the aged and redesigned naira banknotes.
Spearheaded by the past politician Godwin Emefiele, the Nigerian cardinal bank’s demonetization process was started to ostensibly counter activities of parallel marketplace overseas speech dealers and currency hoarders. However, respective section media reports astatine the clip claimed the workout was intended to derail then-presidential aspirant Bola Tinubu’s campaign.
CBN Warns Against ‘Panic Withdrawals’
As antecedently reported by Bitcoin.com News, the CBN’s effort to demonetize aged naira banknotes without injecting capable proviso of the redesigned banknotes is thought to person caused currency shortages. After it initially refused to springiness successful to the public’s request for an hold of the deadline, the CBN yet relented and the demonetized banknotes were made ineligible tender again.
Meanwhile, successful its latest informing to entities and individuals who are rejecting the aged banknotes, the CBN said:
“We privation to restate that each denominations of banknotes issued by the Central Bank of Nigeria (CBN) stay ineligible tender. In enactment with Section 20(5) of the CBN Act, 2007, nary 1 should garbage to judge the naira arsenic a means of payment.”
The slope besides told the Nigerian nationalist to defender against what it called panic withdrawals. It besides encouraged the usage of alternate modes of payment.
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