Finally! CBN Governor Directs Banks To Collect, Issue Old Naira Notes
The Central Bank Governor, Godwin Emefiele, has directed commercial banks across the country to issue and accept old N500 and N1,000 notes as legal tender.
This information was contained in a special public announcement released by Anambra State Governor, Prof. Charles Soludo, in early hours of Monday.
The statement noted that the CBN Governor’s directive was given at Bankers’ Committee meeting which was held on Sunday, 12th March, 2023.
The governor, therefore, advised residents of the state to “freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.”
Governor 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. 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.”