Transact Businesses with Old Currency Notes: Soludo Urges Residents

Anambra State Governor Professor Charles Chukwuma Soludo has urged the residents of the State to transact businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.

In a post shared on Monday, the former Governor of the Board of Directors of the Central Bank of Nigeria, CBN, stated that Commercial Banks have been directed to dispense and accept old currency notes from customers.

“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 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.”

Prof Soludo warned that any Bank that refuses to accept old currency notes will be shut down.

“Residents should 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.”

On March 3, Supreme Court ruled that the Naira redesign policy was invalid and stated that the old currency notes should be legal tenders till the 31st of December 2023.

However,  Commercial Banks that started dispensing the old currency notes have been discovered to refuse to collect the notes at deposits. This situation has caused major confusion to customers.