BREAKING: CBN allegedly approves use of old N500, N1000 notes

The Central Bank of Nigeria (CBN) has allegedly directed commercial banks to dispense old N500 and N1000 notes and also to receive same as deposits from customers, according to Governor Chukwuma Charles Soludo of Anambra State, a former CBN Governor.

The Anambra governor told Daily Trust in an exclusively report on how some commercial banks commenced payment of the old naira notes last week.

Soludo said 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.

According to him, the CBN Governor 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,” Soludo added.

He asked members of the public to report any bank that refused 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.”

However, attempt to get the reaction of CBN to Soludo’s claim proved abortive as the spokesman, Isa Abdulmumin, could not be reached.

A source at the Apex bank told newsmen that there have been several virtual meetings between Emefiele and the bank chiefs leading up to Sunday evening and there are strong indications that the news is true.

Meantime, CBN is yet to debunk Governor Soludo’s claim at the time of filling this story.