Gov Soludo Threatens To Report Banks Rejecting Old Naira Notes To CBN

Anambra State governor, Professor Chukwuma Soludo, has warned that he will report any commercial bank in the State rejecting the old Naira notes to the Central Bank of Nigeria (CBN).

Soludo, who is a former CBN governor, in a statement he personally signed on Monday morning, said that he spoke to the Governor of the CBN, Mr. Godwin Emefiele, on phone on Sunday night and that the latter confirmed to him that all the higher old Naira notes have been approved as legal tenders in accordance with the Supreme Court judgement.

Soludo, therefore, directed all commercial banks in the State to stop rejecting old currency notes of N200, N500 and N1,000, and warned that he will report any commercial bank that reject the old Naira notes to the CBN for necessary sanction.

Soludo issued the statement against the backdrop of the rejection of the old currency notes of N500 and N1,000 by commercial banks from their customers when they take them to the banks for deposit even when such banks dispense the old currency notes to their customers through their Automated Teller Machines (ATMs).

Titled ‘Special Public Announcement’, Governor Soludo’s statement reads: “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.”