Emefiele Directs Bank CEOs To Start Accepting, Disbursing Old Naira Notes

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has directed the Chief Executive Officers of Deposit Money Banks (DMBs) to start accepting and paying out the old Naira notes.

This was revealed by the governor of Anambra state, Chukwuma Soludo, on Monday, 13 March 2023. He said Emefiele told him during a phone conversation. 

Soludo said Emefiele informed him after the financial regulator met with the Bankers’ Committee Sunday, 12 March. 

Recall Prime Business Africa previously reported that traders and filling stations have continued to reject the old N500 and N1,000 notes despite the Supreme Court ruling that the old Naira banknotes remain legal. 

A week ago, Supreme Court set aside the Naira redesign policy of the central bank, stating that the CBN’s policy breached the 1999 constitution.

According to the apex court, the old Naira notes remain legal until 31 December 2023, ruling out the 10 February 2023 deadline set by the central bank.

However, despite the judgement of the Supreme Court, traders and business owners are still rejecting the old notes, stating that CBN and the Federal Government haven’t publicly confirmed the legality of the old Naira notes.

In the statement released by Soludo earlier today, 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 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.”

He added that the Anambra State government will shut down any bank that refuses to accept or disburse old Naira notes within the state. 

“Anambra state government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch,” Soludo warned.