CBN orders banks to keep accepting old currencies – Soludo

According to Governor Chukwuma Charles Soludo of Anambra State, a former CBN Governor, the Central Bank of Nigeria (CBN) has finally ordered commercial banks to disburse old currency notes and to also accept same as deposits from consumers.

According to the Daily Trust, several commercial banks started paying out old naira notes last week.

The governor of Anambra stated that codes for deposits are generated by tellers at commercial banks, and there is no cap on the quantity of deposits that a person or business may make.

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At a Bankers’ Committee meeting on March 12, 2023, according to Soludo, the CBN Governor issued the order.

“The Governor, Dr. Godwin Emefiele, personally verified the aforementioned to me over the phone on Sunday night. Thus, Anambra residents are urged to freely accept and do business using both the new notes and the old notes (N200, N500, and N1,000),” Soludo continued.

He urged locals to notify any banks that reject deposits of the old currency.

“Anambra State Government would not only notify such a bank to the CBN but will also swiftly shut down the defaulting branch.”

It was unable to reach CBN’s spokesman, Isa Abdulmumin, thus attempts to elicit his response to Soludo’s assertion were unsuccessful.

There have been multiple virtual meetings between Emefiele and the bank CEOs in the days running up to Sunday evening, according to sources inside the Apex bank, and there are many signs that the information is accurate.

As of the writing of this article, the CBN had not refuted Governor Soludo’s assertion.

(Daily Trust