Soludo says CBN has directed banks to dispense old naira notes

Governor Charles Chukwuma Soludo of Anambra state said the Central Bank of Nigeria has finally directed commercial banks to dispense old naira notes and receive them as deposits from customers.

Since the Supreme Court ordered that the old N1,000, N500 and N200 notes should be in circulation alongside the new notes till December 31, 2023, the CBN has kept mum about the judgement.

The silence of the apex bank worsened the cash crunch in the country as traders and businesses continued to reject the old notes despite the Supreme Court’s verdict.

However, Soludo in a statement on Monday, March 13, 2023, said the CBN governor has ordered banks to start collecting the old notes from their customers.

The governor said Emefiele confirmed the development to him on Sunday, March 12, 2023, in a phone conversation.

Charles-Soludo (PremiumTimes) Pulse Nigeria

He said, “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive 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. 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 old notes”.

Soludo added that his government would not only report banks that fail to comply with the CBN order but would also immediately shut them down.