…Anambra State Government to shut down defaulting banks

By Ime Silas

The Central Bank of Nigeria (CBN) has directed all Commercial Banks in the country to accept, as well as dispense the old Naira notes.

This development was made known by the governor of Anambra state; His Excellency, Prof. Charles Soludo, himself, a former apex bank governor.

In a special announcement late Sunday, which the Anambra governor personally signed, 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 the 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.

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

It would be recalled that the Supreme Court last week, gave judgment against the new monetary policies of the Central Bank. The Apex Court in its judgement had extended the deadline for the circulation of the old 200, 500 and 1000 notes till December 31, 2023.

…CBN Break’s Silence, Says Old Naira Notes Remain Legal Tender

The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday.

“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,” the statement reads.

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“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.”