BREAKING: CBN gives banks new directive on old Naira notes

Commercial banks have been directed by the Central Bank of Nigeria (CBN) to dispense old Naira notes and to also receive same as deposits from customers, POLITICS NIGERIA has learned.

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, Godwin Emefiele gave the directive at a Bankers’ Committee meeting held on Sunday.

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

The governor asked residents of Anambra State to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.

“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,” Governor Soludo added in his statement.

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