CBN Directs Banks To Dispense Old Notes, Soludo Says 

THE Central Bank of Nigeria (CBN) may have directed commercial banks to dispense old Naira notes and to also receive the same as deposits from customers.

This piece of news was disclosed by a former governor of the bank who is now Anambra State governor,  Professor Chukwuma Charles Soludo. 

Some commercial banks had commenced payment of the old Naira notes despite the absence of any directive by the CBN.

The Anambra State 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.

“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,” Soludo added.

He called on residents to 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.”

Checks with the CBN to independently confirm the claim proved abortive as the spokesman, Isa Abdulmumin, could not be reached.

Sources at the apex bank said there have been several virtual meetings between Emefiele and the bank chiefs leading up to Sunday evening and there are strong indications that the news is true.

The CBN has at the time of this story not debunked the claim of Governor Soludo.