Naira Scarcity: Banks Directed By CBN To Dispense, Accept Old Notes

Commercial banks have been instructed by the Central Bank of Nigeria (CBN) to dispense and accept the old naira notes as deposits.

The update was disclosed by CBN's former governor Charles Soludo in a statement released on Monday.

According to the Anambra State Governor, the directive was given by CBN Governor Godwin Emefiele at a Banker’s Committee meeting on Sunday.

While revealing that the instruction was personally conveyed to him, Governor Soludo added that citizens should report banks refusing to accept old notes.

“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers.

“Tellers at 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) and the new notes”, part of the statement reads.

*SPECIAL PUBLIC ANNOUNCEMENT*

Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive same as deposits from customers.

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— Chukwuma Charles SOLUDO (@CCSoludo) March 13, 2023

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.

— Chukwuma Charles SOLUDO (@CCSoludo) March 13, 2023

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

— Chukwuma Charles SOLUDO (@CCSoludo) March 13, 2023

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.

— Chukwuma Charles SOLUDO (@CCSoludo) March 13, 2023

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

Signed

C. C. Soludo CFR.
Governor

— Chukwuma Charles SOLUDO (@CCSoludo) March 13, 2023