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General News of Monday, 13 March 2023


Dispense and receive old Naira notes - CBN to commercial banks

Central Bank of Nigeria (CBN) Central Bank of Nigeria (CBN)

Commercial banks have been directed by the Central Bank of Nigeria 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, confirmed the directives to Anambra state Governor Charles Soludo during a phone conversation on Sunday night.

He said residents of Anambra state 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.

Soludo said residents should report any bank that refuses to accept deposits of the old notes insisting that Anambra State Government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch.