CBN has authorised banks to dispense, accept old notes, Soludo confirms

By Business AM 

The Central Bank of Nigeria (CBN) has directed deposit money banks across the country to dispense old currency notes and to also receive the same as deposits from customers.

Chukwuma Soludo, the governor of Anambra State made the disclosure in a tweet posted on his verified Twitter handle on Monday morning.

According to the former CBN governor, the directive was issued  at a Bankers’ Committee meeting held on Sunday, 12th March, 2023,headed by Godwin Emefiele, the current governor of the apex bank.

“The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night,” Soludo tweeted.

The Anambra State governor also confirmed that 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, therefore, urged residents of the state to freely accept and transact businesses with the old N200, N500 and N1,000 as well as the new notes.

He also warned banks against flouting the CBN directives, adding that those found wanting would be sanctioned.

“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 tweeted.