Breaking: CBN directs commercial Banks to dispense old Naira notes

By Suleman T Ahmad

The Central Bank of Nigeria (CBN) has directed commercial Banks to dispense old Naira notes and also accept deposits of the same Naira notes from customers across the country.

The decision was taken during a Banker’s committee meeting held in Abuja on Sunday.

Although the decision is yet to be officially announced by the CBN, but in a special public announcement signed by Governor Charles Chukuma Solodu of Anambra state and posted on his verified Facebook page on Sunday, he says that the Governor of the CBN, Mr Godwin Emiefele personally confirmed the development to him in a phone conversation.

“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,” Gov Soludo said.

The Governor added that tellers at the commercial banks are now to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

While urging residents to report any defaulting Banks, Gov Soludo says Anambra state Government will not hesitate to shut down such Banks.

“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,” Gov Soludo threatened.

Governor Soludo, a Professor of economics was a former Governor of the CBN from 2004 to 2009.

SMARTS NEWS reports that the Supreme Court of Nigeria has ruled that the Naira redesign policy was unconstitutional and the Court ordered the recirculation of old currency until December 2023.

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