•••Directs Banks To Accept Them
The Central Bank of Nigeria has at last said that the old Naira notes of N200, N500 and N1000 denominations remain legal tender in Nigeria.
The reassuring CBN declaration was contained in a statement by the Acting Director, Corporate Communications, Dr. Isa AbdulMumin on Monday.
AbdulMumin said that the CBN decision was in consonance with the policy of the Buhari Administration and the Apex bank to adhere strictly to the rule of law.
According to the CBN Acting Spokesman, commercial banks have been directed to accept the old notes alongside the new ones after a meeting with the Bankers Committee
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”
Meanwhile, the Anambra’ State Governor, Prof. Chukwuma Soludo has threatened to close any commercial Bank that refuses to pay or accept the old naira notes from customers in the state.
He advised residents of Anambra to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.
Soludo stated this in a state announcement which he personally signed and made available to newsmen on Monday in Awka the state capital.
He reiterated that commercial banks have been directed by the Central Bank of Nigeria (CBN) to dispense old currency notes and to also receive same as deposits from customers.
He explained that 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 state Governor pointed out that the Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.
According to him, “The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.”
Soludo urged residents to 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.
