The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Sunday, 12th March, 2023, directed the Commercial banks in Nigeria to dispense old currency notes and to also receive same as deposits from customers.
The directive was given at a Bankers’ Committee meeting held on Sunday, 12th March, 2023. Following this development, residents of the 36 states and Abuja, are to take note, and equally bear in mind that there is no limit to the number of times that an individual, group or company can make deposits, with regard to this latest development.
Nigerian residents are therefore, advised to accept and transact their businesses with the Old and Newly redesigned Naira currency notes: N200; N500; and N1,000, alongside the other Naira notes of N100, N50, N20, N10 and N5.
Complying with the CBN directive will go a long way to ameliorate the excruciating pain and untold hardship and suffering many people are undergoing because of the recent but poorly implemented monetary policy of the CBN.
For this latest directive to succeed and impact both the rural and city dwellers positively, Nigerian residents must make it a habit of reporting any bank and/or individuals that refuse to accept the old N500, and N1000 notes. Before the March 12, 2023 directive by the CBN, the acceptance or not of the old N200 notes was already a settled matter.
In view of the above, Governors of the Nigerian 36 states, and the leadership of the FCT, Abuja and the CBN, must intensify efforts and monitor the banks and residents closely for maximum compliance. Similarly, defaulting banks, groups and individuals must be reported to the appropriate institutions for the right sanctions to apply strictly, so as to serve as deterrent to others.
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