By John Ikani
In what appears to be a reversal of its earlier position, the Central Bank of Nigeria (CBN) has directed commercial banks to dispense old currency notes and receive them as deposits from customers.
The directive was disclosed by Governor Chukwuma Charles Soludo of Anambra State, a former CBN Governor.
Heritage Times [HT] had earlier reported that some commercial banks had begun to pay out old naira notes despite the absence of any directive from the CBN.
According to Soludo, “tellers at the commercial banks are to generate codes for deposits, and there is no limit to the number of times an individual or company can make deposits using the old notes.”
Soludo further stated that “the directive was given by the CBN Governor, Dr Godwin Emefiele, at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.
“Residents of Anambra are now advised to transact their businesses with the old currency notes (N200, N500, and N1,000) as well as the new notes.”
Governor Soludo called on residents to report any bank that refuses to accept deposits of the old notes, promising to not only report such a bank to the CBN but also to immediately shut down the defaulting branch.
While the CBN has not debunked the claims made by Governor Soludo, sources at the Apex bank confirmed to newsmen that there had been several virtual meetings between Emefiele and the bank chiefs leading up to Sunday evening, and there are strong indications that the news is true.
This recent development will likely have a significant impact on the economy, as it will help reduce the scarcity of cash in circulation and provide customers with more options when making transactions.
