BREAKING: CBN Gives Banks New Directive on Old Naira Notes
The Central Bank of Nigeria (CBN) has asked commercial banks to dispense old Naira notes and to also receive the same as deposits from customers.
The Governor of the CBN, Godwin Emefiele gave the directive at a Bankers’ Committee meeting held on Sunday, March 12, 2023.
According to the directives, 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.
Confirming the development on Monday morning, March 13, 2023, Anambra state Governor, Charles Soludo said; “Emefiele personally confirmed the above to me during a phone conversation on Sunday night”.
The Governor asked residents of Anambra State 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. Anambra State Government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” Governor Soludo added in his statement.
This is coming a week after the Supreme Court ruled that the use of old 200, 1,000, and 500 naira notes are to remain valid till December 31, 2023.
But the silence of the Federal Government and CBN on the ruling had made traders reject the old currencies despite the fact that some banks are reportedly dispensing the old notes to customers.