Emefiele orders banks to dispense old naira notes – Soludo

Marcus Amudipe
Marcus Amudipe
Governor of the Central Bank of Nigeria, Godwin Emefiele

By Christian George

The Central Bank of Nigeria has mandated commercial banks to dispense and accept deposits of old N500 and N1000 naira notes.

This was made known by the governor of Anambra State, Prof Charles Soludo on Monday via his social media handle.

The former CBN governor said commercial banks are to dispense and accept old naira notes as deposits, adding that Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

According to Soludo, “Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same 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) and the new notes”, he said.

He mandated Nigerians to report banks that fail to adhere to the directive as he said that Emefiele personally confirmed the directive to him.

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