The Central Bank of Nigeria (CBN) has finally directed commercial banks to dispense old currency notes and to also receive same as deposits from customers.
This was disclosed by Governor Chukwuma Charles Soludo of Anambra State, a former CBN Governor.
The Anambra 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.”