What Emefiele told Soludo: CBN directs banks to dispense, accept old notes

Soludo and Emefiele

Governor, Chukwuma Soludo Anambra State, who was also a Central Bank of Nigeria (CBN) Governor, has told people of his state that they should report any bank that refuses to accept old N200, N500, and N1,000 notes.

Commercial banks, according to Soludo, had been directed by CBN to dispense and accept old naira notes from customers. The Anambra Governor threatened to shut down any bank in the State, that disobeys.

As contained in a statement on Monday, Soludo revealed that the CBN Governor, Godwin Emefiele, confirmed to him on Sunday night that commercial banks “have been directed to dispense and accept old denominations from customers.”

Governor Soludo stated: “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.

“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.

“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.