CBN has directed banks to pay, accept old notes – Soludo


The Central Bank of Nigeria has directed commercial banks to pay old and new notes to customers, Governor Chukwuma Soludo of Anambra State has said.

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Soludo, who is a former CBN governor, said this in a statement on Monday, adding that commercial banks had been directed to receive same as deposits from customers, following a Supreme Court ruling which extended the validation of the old notes to December 31, 2023.

He said the CBN Governor, Godwin Emefiele, confirmed this position to him in a telephone conversation on Sunday night.

“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,” Soludo stated.

“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 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,” he added.