BREAKING: CBN Order Banks To Dispense Old Naira Notes

The Central Bank of Nigeria (CBN) has reportedly directed commercial banks across the country to dispense the old naira notes inline with the ruling of the Supreme Court.

CityNews Nigeria reports that this was made known by the Governor of Anambra State, Charles Chukwuma Soludo, who is a former CBN governor.

In a post on his Facebook page on Monday, Soludo urged the state residents to transact with the old naira notes and report banks that refuse to accept the notes.

He said that the new development was confirmed to him by the CBN governor, Godwin Emefiele.

The Anambra Governor 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 said the CBN Governor gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.

Soludo wrote, “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.

“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.”