 |
| Apex Bank Addresses Shortage of Naira Notes |
In a country like Nigeria with
significant informal or cash-based economies, many transactions occur outside
the formal banking system, leading to increased use of cash. Recently, the
Nigerian Naira has been struggling to gain momentum against Dollar,
A few days ago cash crisis resurfaced
in some parts of the Nation, But According to Apex Bank of Nigeria(CBN)
post on the X app(Twitter) handle,
“Central Bank of Nigeria Press Release
CBN Directs Banks To Issue, Accept Old,
Redesigned Naira Banknotes
Following the order of the Supreme
Court on Wednesday, November 29, 2023, granting the prayer of the Minister of
Justice and Attorney-General of the Federation to extend the use of old Naira
banknotes ad infinitum, the Central Bank of Nigeria (CBN) has directed all its
branches to continue to issue and accept all denominations of Nigerian
banknotes, old and re-designed, to and from deposit money banks (DMBs).
For the avoidance of doubt, the Supreme
Court ordered that the old versions of N200, N500, and N1,000 banknotes shall
continue to be legal tender, alongside the re-designed versions. Accordingly,
in line with Section 20(5) of the CBN Act 2007, all banknotes issued by the
Central Bank of Nigeria (CBN), will continue to remain legal tender,
indefinitely.
Members of the public are enjoined to
continue to accept all Naira banknotes (old or re- designed) for their
day-to-day transactions and handle these banknotes with the utmost care, to
safeguard and protect the lifecycle of the banknotes.
Furthermore, the general public is
encouraged to embrace alternative modes of payment, e- channels, in order to
reduce pressure on the use of physical cash.
Ali
Sidi Ali, Hakama (Mrs.)
Ag. Director, Corporate Communications
November 29, 2023”
Central Bank of Nigeria therefore urged Nigerians to avoid panic withdrawal also, assure that all the measures guiding cash availability have been put in place, furthermore Apex bank encouraged Nigerians to make use of Electronic modes of payment which serve as alternate means,
In conclusion, the Apex Bank's proactive response to the Naira note scarcity reflects its commitment to ensuring the stability and resilience of the country's currency. Through a combination of short-term measures and long-term strategies, the Central Bank aims to not only resolve the current shortage but also create a more robust and efficient currency management system for the future.
