Banking

CBN directs banks to dispense, accept old naira notes

The Central Bank of Nigeria (CBN) has ordered commercial banks to start dispensing and accepting old N200, N500, and N1,000 notes from customers across the country.

This was disclosed via a statement issued on Monday by Anambra State Governor, Chukwuma Soludo.

Soludo said the CBN Governor, Godwin Emefiele, confirmed to him on Sunday night that commercial banks have been directed to dispense and accept old denominations from customers.

The former CBN Governor, who vowed to shut down any bank rejecting old naira notes in Anambra State, said: “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive 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.

“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. Anambra State Government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” Governor Soludo stated.

The Star