BREAKING: CBN Authorizes Use of Old Naira Notes

The Central Bank of Nigeria, CBN, has reportedly authorized the use of old naira notes for commercial banks and Nigerians.

This authorization was announced by the Anambra State Governor, Chukwuma Soludo, who noted that the development was confirmed to him by the governor of the apex bank, Godwin Emefiele.

Soludo then urged the Anambra citizens to transact with the old naira notes and report banks that refuse to accept the notes.

Soludo, who made the announcement on his Facebook page on Monday, said CBN Emefiele confirmed to him in a phone conversation on Sunday night that commercial banks could dispense and accept old notes from customers.

He wrote,

“Commercial banks have been directed by the Central Bank to dispense old currency notes and to also 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, 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.

“The Anambra State Government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch.”