Old naira deposit: CBN has to order commercial banks, says Gov. Adeleke

On Sunday, Ademola Adeleke, the governor of Osun State, denounced banks for mistreating their customers by refusing to accept old N500 and N1,000 notes.

The Osun State administration was made aware that commercial banks there were refusing to accept deposits made in old currency even after paying clients with the same notes.

Olawale Rasheed, the governor’s spokesperson, issued a statement lamenting the agony and suffering caused by the banks’ actions to the people of Osun State.

The governor acknowledged that he was aware of the numerous complaints from residents over banks’ refusals to accept old naira deposits and the associated social repercussions of such actions.

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“Bank clients from all throughout the state have called me a number of times. Residents of the state are experiencing severe economic difficulties as a result of banks’ willful reluctance to accept outdated currency. It is completely improper for banks to print outdated currency while turning down deposits made using such currencies.

“As a result, I have requested that the Central Bank of Nigeria order the banks doing business in the state to fix the errors. It is particularly urged that the CBN State Director instruct the banks to stop engaging in this dangerous activity,” Adeleke said.

Gov. Adeleke said that if banks won’t take old notes as deposits, they should cease issuing the same old notes for withdrawal. He also called for an end to the suffering imposed on the people of the state.

In February, Obasanjonews24 claimed that Adeleke had urged state-operating commercial banks against stockpiling new naira notes and ignoring the old money.

In a ruling issued on March 3, 2023, the Supreme Court instructed the Federal Government to extend the deadline for using the previous N200, N500, and N1,000 notes until December 31, 2023.

Nonetheless, the naira crisis is still present a week later.