CBN has ordered banks to accept old naira notes, says Soludo

Anambra state governor, Chukwuma Soludo, said that the Central Bank of Nigeria (CBN) has directed commercial banks to accept and pay out old currencies. Soludo stated pointedly that the CBN governor, Godwin Emefiele, confirmed the directive to him during a telephone conversation. The governor, himself a former CBN governor, said the CBN took the decision at the Bankers’ Committee meeting it held at the weekend.

Soludo said, “Commercial banks have been directed by the central bank to dispense old currency notes and to also receive same as deposits from customers,” the 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.

“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.”

The governor urged residents to report any bank that refuses to accept deposits of the old notes.

The Supreme Court, in its ruling over a week ago, flayed the federal government and the CBN for disobeying its earlier ruling on the validity of the old currencies. The Court then reiterated its order, stating the old banknotes should be circulated in the economy till December 31.

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