CBN directs banks to dispense, receive old notes
Banking & Finance Economy

CBN directs banks to dispense, receive old notes

The Central Bank of Nigeria (CBN) has directed commercial banks to start disbursing and receiving old naira notes in compliance with the Supreme Court’s directive.

The Apex bank issued the directive, on Sunday night, after a meeting of the Bankers Committee.

Godwin Emefiele, CBN Governor chaired the meeting.

Gov Chukwumeka Soludo of Anambra State confirmed this in a tweet on Monday.

Soludo has, therefore, directed all banks in the state to start disbursing and receiving the old notes in compliance with the CBN directive.

He warned that they risk losing their licence if they don’t comply.

“Commercial banks have been directed to dispense old notes and receive the 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, 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 and new currency notes.

“Residents should report any bank that refuses to accept deposits of the old notes.

“Anambra State Government will report such a bank to the CBN.

“The government will also immediately shut down the defaulting branch,” Soludo twitted.



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