CBN’s new instruction to banks on old Naira notes

The Central Bank of Nigeria (CBN) has directed commercial banks to dispense old Naira notes and accept them as deposits from customers.

Commercial bank tellers will generate deposit codes, and there is no limit to the number of times an individual or company can make deposits.

Godwin Emefiele, Governor of the Central Bank of Nigeria, issued the directive at a Bankers’ Committee meeting on Sunday.

“Emefiele personally confirmed the above to me during a phone conversation on Sunday night,” according to the Governor of Anambra State.

The governor urged Anambra State residents to freely accept and transact business with both old and new currency notes (N200, N500, and N1,000).

“Residents should report any bank that refuses to accept deposits in old notes. The Anambra State Government will not only report such a bank to the CBN, but will also shut down the defaulting branch immediately,” Governor Soludo added in his statement.