CBN Already Directed Banks to Pay, Receive Old Naira Notes– Gov. Soludo

In the midst of the confusion surrounding payment and rejection of old notes by banks, Anambra State governor, Chukwuma Soludo has revealed that the Central Bank of Nigeria (CBN) has directed banks to pay customers with old naira notes.

Soludo added that the apex bank has also ordered banks to collect the old currency as deposits from their customers without deposit amount limits.

He stated that the CBN governor, Godwin Emefiele told him these during a phone conversation on Sunday night.

Gov. Soludo further said that Emefiele had on Sunday, March 12, 2023 directed banks during a Bankers’ Committee meeting to dispense the old notes.

“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 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, former CBN governor said.

He enjoined Anambra residents to transact with the old naira notes without fear of rejection as they are legal tender alongside the new notes.

Soludo stressed that any bank caught rejecting the old currency will be immediately shut down, urging residents to report such bank branches.

“Freely accept and transact your 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, “he said.

Investors King reports that some governors of Southwest states including Lagos, Ogun, Ondo and Osun had decried the suffering of their people caused by naira scarcity, saying CBN should call the banks to order.

The Supreme Court had earlier ruled that the old N500 and N1000 notes are still legal tender until December 31, 2023 after the CBN banned the use of the old notes on February 10, 2023.