Suspense As Governor Soludo Says CBN Has Directed Banks To Dispense, Receive Old Naira Notes

But the development seems to be causing suspense and anxiety as citizens have been waiting for official directive to the banks since the Supreme Court’s judgement.

More worrisome is the fact that banks were as at Monday morning of March 13, 2023, yet to accept the old N200 and N500 Notes, claiming lack of official directive from CBN.

In what may be regarded as a cautious approach to the ongoing power tussle, the CBN may have decided to apply breaks now as far as policy issues are concerned.

However, according to Soludo,
“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.”

Soludo, a former CBN governor said Emefiele gave a directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023 that banks should dispense old naira notes.

Like Lagos State governor Babajide Sanwo-Olu, Ogun State’s Dapo Abiodun and Ondo State’s Rotimi Akeredolu, Soludo urged Anambra residents “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. Anambra State Government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” Soludo said.

The Anambra governor’s disclosure comes 10 days after the Supreme Court ruled that old 500 and 1000 notes will remain legal tenders till December 2023.

Prior to the court ruling, the CBN informed Nigerians that their old naira notes ceased to be legal tender since Friday, February 10.

Businesses, commercial services, and individuals have been hard-hit by the implementation of the Naira redesign policy that caused a shortage of cash, culminating in violent protests and attacks on banks by individuals in different parts of Nigeria in February.

President Muhammadu Buhari thereafter claims to understand the pain that Nigerians were going through to withdraw cash from the banks.
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He subsequently directed the CBN to allow only the old 200 naira notes to coexist with the redesigned 200, 500 and 1000 naira notes.

Buhari said he sympathisers with Nigerians over the difficulties in accessing the new Naira notes.

He insisted that the Naira redesign was aimed at curbing inflation, and corruption, and improving transparency in cash flow to all sectors of the Nigerian economy.