CBN Orders Commercial Banks To Accept, Dispense Old Naira Notes - Prof. Charles Soludo

The Central Bank of Nigeria (CBN) has ordered commercial banks to accept and dispense old naira notes.

According to Anambra State Governor, Prof. Charles Soludo, the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.

He said, “Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same 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, a former CBN governor, explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

In his words, “The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023.”

This is coming after reports that some businesses, including commercial banks, fuel stations still reject the old notes as legal tender as against supreme court order.

Charles in a social media post urges Anambra residents to accept and to report banks refusing the old notes.

Soludo said, “Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes ₦200, ₦500; and ₦1,000 and the new notes.”

The governor added that CBN governor personally confirmed the directive to him via phone.

He said, “The Governor, Dr. Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.

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