BREAKING: Finally, CBN Complies With Supreme Court Judgement, Directs Banks To Dispense All Old Naira Notes

The Central Bank of Nigeria has directed all Deposit Money Banks to commence the disbursement of the old naira notes to Nigerians.

The directive was issued on Sunday night after the Bankers Committee meeting chaired by the CBN Governor, Mr Godwin Emefiele.

The Governor of Anambra State, Chukwuma Soludo confirmed the development in a tweet posted on his verified Twitter handle on Monday morning

The move is in compliance to a Supreme Court Judgement which directed that the old naira notes and the redesigned one should be used simultaneously until December 31.

Soludo who was also a former CBN Governor in his tweet stated 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.

He warned banks against flouting the CBN directives, adding that those found wanting would be sanctioned.

He said, “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.”

The naira redesign policy had subjected many Nigerians to untold hardships following the scarcity of the new naira notes.

Many senior government officials including the President-elect, Bola Tinubu, and some governors in the All Progressives Congress, have faulted some of the monetary policies of the CBN under Emefiele.