December 9, 2023

Commercial Banks Should Follow CBN’s Directive, Expected to Receive And Dispense Old Naira Notes -Soludo 

The Anambra State governor Chukwuma Soludo has disclosed that the Central Bank of Nigeria (CBN) has directed banks to dispense old naira notes in a phone conversation with the CBN governor Godwin Emefiele on Sunday night.


“Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive same as deposits from customers,” Soludo said.


“Tellers at the 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, a former CBN governor said Emefiele gave a directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023 that banks should dispense old naira notes and urge Anambra residents “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. Anambra State Government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” Soludo said.


The Anambra governor’s disclosure comes 10 days after the Supreme Court ruled that old 500 and 1000 notes will remain legal tenders till December 2023.

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