Old Naira Notes: What Emefiele Told Me Sunday Night—Soludo

Old Naira Notes

OpenLife Nigeria reports that after much oscillation about the redesigned Naira notes which has left many Nigerians confused, a former Central Bank governor who is now the executive governor of Anambra State, Professor Charles Soludo has officially confirmed that the old N500 and N1000 notes remain legal tender for business transactions.
Soludo made this disclosure in a piece titled “Special Public Announcement,” which he addressed to the people of Anambra State.
According to Soludo, the Bankers Committee’s meeting presided over by the CBN governor, Godwin Emefiele held on Sunday and it was officially confirmed that old notes remain legal tender for business transactions.
Though Soludo’s disclosure did not stipulate timeline, Supreme Court of Nigeria recently ruled that the old Naira notes remain valid till almost end of 2023.
Soludo’s disclosure reads in full:

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.

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.

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