BREAKING: CBN authorizes use of old Naira notes

The Central Bank of Nigeria (CBN) has authorised the use of old naira notes – N500 to N1,000.

The Anambra State governor, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.

Soludo, a former CBN governor, said this in a statement he posted on his social media handles.

He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

According to Soludo, Emefiele personally confirmed the directive to him.

Following the directive, Soludo has asked residents to report banks refusing to accept the old notes.

He said in the statement: “Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same 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) and the new notes.”