Section 4: Bank currency to be legal tender

(1)
Notes issued by the Bank shall be legal tender in Nigeria at their face value for payment of any amount
(2) Coins issued by the Bank shall, if such coins have not been tampered with, be legal tender in Nigeria at their face value up to an amount not exceeding twenty naira in the case of coins of denominations of not less than five kobo and up to an amount not exceeding ten kobo in the case of coins of a lower denomination.
(3)
Notwithstanding the provisions of subsections (1) and (2) of this section, the Bank shall have power, on giving not less than three months' notice in the Federal Gazette, to call in any of its notes and coins on payment of the face value thereof and any such notes or coins with respect to which a notice has been given under this subsection shall, on the expiration of the notice, cease to be legal tender but, subject to the provisions of the Act, shall be redeemed by the Bank upon demand.