CBN Gives Fresh Update On Old And New Naira Notes Amidst Cash Scarcity

The Central Bank of Nigeria (CBN) on Thursday emphasized that new and old naira notes remain valid beyond 31st December 2023.

The CBN urged citizens and residents to accept and spend both the old and new naira notes as they exist side by side.

“Beyond December 31, 2023… the old and redesigned Naira Banknotes remain valid,” the apex bank wrote.

The apex bank gave the update amidst the naira scarcity and cash crunch being experienced in some states of the federation.

As previously reported by Naija News, some states in the country have been affected by issues of fresh cash scarcity with residents groaning and lamenting over its effects.

Many residents in the states already hit by the fresh cash crunch expressed frustrations in accessing cash as several Automated Teller Machines (ATMs) no longer dispense money and banks have also started rationing cash withdrawals over the counter.

Long queues were observed in the few ATMs that have cash with residents struggling to withdraw.

Some of the states where issues of cash scarcity have been reported are Ondo, Edo, Kwara, Delta, Lagos, Plateau, Jigawa, Kaduna and Osun among others.

This development has negatively affected day-to-day activities and businesses.

Recall the CBN had earlier directed banks to continue issuance and acceptance of old naira notes after the Supreme Court ruled that the old naira notes will continue to be in use beyond the December deadline earlier set by the apex court.

In a statement signed by the CBN acting director of communication, Sidi Ali Hakama, the bank detailed that it issued the directive after the Supreme Court ruled that both old and new versions of the naira notes will continue to be legal tender.