CBN directs banks to dispense, receive old naira notes

The Central Bank of Nigeria (CBN) has reportedly directed banks in the country to immediately dispense old notes from customers and also receive same from them.

This new directive was made known by Anambra State Governor, Prof. Charles Soludo, who said the CBN governor, Godwin Emefiele personally confirmed the development to him on Sunday night.

According to Soludo, who himself is a former governor of the apex bank, Emefiele told him the directive was issued at a Bankers’ Committee meeting held on Sunday, 12th March 2023.

Soludo made this known on Monday morning in a statement on his Facebook page.

He therefore told residents in the state to continue to transact their businesses with the old naira notes and to report banks that refuse to accept the notes to authorities.

The governor who noted that the March 3 ruling by the Supreme Court which nullified February 10 deadline by the Central Bank of Nigeria (CBN) for the old notes to cease being legal tender, said the governor of the apex bank, Godwin Emefiele, personally confirmed to him that commercial banks could dispense and accept old notes from customers.

READ ALSO:Rejecting old N500, N1000 is disobedience of law, CBN directive —Gov Akeredolu

“Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive the same as deposits from customers. Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits,” Soludo wrote.

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.

“Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.

“Residents should report any bank that refuses to accept deposits of the old notes. The Anambra State Government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch,” he added.

The directive from Soludo is coming on the heels of such orders given by other state governors for residents in their states to continue using the old notes for transactions.

The governors of Kaduna, Kogi, Osun, Edo, Zamfara, Lagos, Rivers, Akwa Ibom and other states have gone steps further by threatening to arrest and prosecute anyone refusing to accept the old notes.

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