Nigerian Deposit Money Bank (DMBs) have been directed by the Central Bank of Nigeria (CBN) to reissue old naira notes to members of the public and also collect the old banknotes from customers.
According to a statement issued by the Anambra State governor and former governor the CBN, Prof Charlse Soludo, the regulatory bank Governor, Godwin Emefiele confirmed the latest development to him in a phone conversation.
Soludo, who posted the statement on his official Twitter handle on Monday said “The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.’
“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 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 wrote on his Twitter handle. However, the CBN Director of Corporate Communication, Isa Abdumumin when contacted promised to get back to our correspondent on the issue.
The CBN has not issued any official circular on the matter since the supreme court extended the legal tender status of the old banknotes following a suit brought by some state government on the matter.
