- Directs banks to accept, dispense old N200, N500, N1,000 notes
BY EDMOND ODOK – With the Presidency washing its hands off the continuous Naira scarcity in the nation’s financial system, the Central Bank of Nigeria (CBN) late on Monday directed commercial banks to immediately resume dispensing and collecting old currency notes from customers nationwide.
The apex bank in a statement by the Acting Director of Communications, Isa AbdulMumin, said; ”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 N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly”.
The apex Bank’s directive came shortly after the Presidency said President Buhari did not instruct or direct the Attorney General of the Federation (AGF), and Minister of Justice, Abubakar Malami (SAN), and the CBN Governor, Godwin Emefiele to disobey the Supreme Court order on the Naira swap deadline.
Interestingly, the Anambra state Governor, Chukwuma Soludo had earlier on Monday morning tweeted that commercial banks have been directed by the apex Bank to resume collecting the old notes as confirmed to him by the CBN Governor during their phone conversation on Sunday night.
He therefore urged residents of Anambra state to freely accept and transact businesses with the old currency notes of N200; N500; and N1,000 as well as the new notes as directed by the Supreme Court.
Soludo, who was a former CBN Governor, said residents should report any commercial bank that refuses to accept deposits of the old notes, warning that Anambra State Government will not only report such erring bank to the CBN but also immediately shut down the defaulting branch.
