CBN directs banks to dispense, receive old naira notes

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Lagos, March 13, 2023 – The Central Bank of Nigeria (CBN) had directed commercial banks to start disbursing and receiving old naira notes in compliance with the supreme Courts directive.

The directive by the CBN to the banks was said to have been issued on Sunday night after a meeting of the Bankers Committee Chaired by Godwin Emefiele, CBN Governor.

Gov Chukwumeka Soludo of Ananbra State confirmed this in a tweet on Monday.

Soludo, has in turn, directed all banks in the state to start disbursing and receiving the old notes in compliance to the CBN directive or risk losing their licence.

Soludo’s message read: “Commercial banks have been directed to dispense old notes and 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,” Soludo said. (GBN)

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