AbdulMumin directed CBN branches to ensure a continual supply of both old and redesigned banknotes to Deposit Money Banks (DMBs). He emphasized that there were ample banknotes for regular economic activities and should not be refused as a means of payment. To alleviate pressure on physical cash, the CBN endorsed the use of alternative modes of payment.
The Central Bank reassured the public that there was a sufficient stock of currency to sustain normal economic activities and warned against panic withdrawals. The public was also encouraged to accept all circulating CBN-issued banknotes. This move by the CBN comes in response to rumors of cash scarcity and public concerns over the legitimacy of old Naira notes.
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