Lagos, Anambra Govts, Others To Shut Down Banks Rejecting Old Naira Notes

The Lagos State Government under the administration of Governor Babajide Sanwo-Olu has vowed to shut down Banks that refuse to accept the series of old naira notes designated by the Central Bank of Nigeria CBN against the order of the Supreme Court.

In an open letter published this afternoon, he released telephone numbers through which residents can report offending banks

Governor Sanwo-Olu has earlier ordered the general acceptance of the old naira notes in transactions in the state while insisting that defiance of the order would be met with Government gauge.

Similarly, the governor of Anambra State, Professor Charles Soludo ordered the residents of the state to report any bank that rejects the old naira notes.

Prof. Soludo gave the directives on Monday stating that he had a chat with the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, whose assurance initiated the order.
Making the announcement on his Facebook page on Monday, Soludo noted that the CBN governor, Godwin Emefiele, confirmed to him that commercial banks could dispense and accept old notes from customers.

He wrote, “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive the same as deposits from customers. Tellers at 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.

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