Stop issuing old Naira notes to customers, Gov. Adeleke warns banks

“For the banks to issue old notes and refuse to accept old notes as deposits is highly unacceptable."

Gov. Ademola Adeleke of Osun State

Gov. Ademola Adeleke of Osun has warned commercial banks in the state to stop issuing old naira notes to customers if they will not accept them back as deposits.

This is contained in a statement by his spokesperson, Malam Olawale Rasheed, on Monday in Osogbo.
The governor said that the maltreatment of residents of the state by commercial banks refusing to collect old currency notes, even after paying customers with such notes, is worrisome.
Adeleke said that he had received many complaints from bank customers, who accused the banks of refusing deposits of old notes as well as the attendant negative consequences on the populace.
“I have received several calls from Bank customers across the state. The deliberate refusal of banks to collect old notes is creating serious economic complications for residents of the state.
“For the banks to issue old notes and refuse to accept old notes as deposit is highly unacceptable.
The governor, however, called on the Central Bank of Nigeria to direct the banks operating in the state to correct the anomalies.
“The state director of the CBN is specifically requested to direct the banks to halt this unhealthy practice.
“If banks will not accept old notes as deposits, they must stop issuing old notes for withdrawal. The current pain being inflicted on our people must stop,” he said.
Meanwhile, Gov. Chukwuma Soludo of Anambra, earlier today directed residents in Anambra to use the old N200, N500, and N1,000 bills for their transactions alongside their new designed counterparts.
Soludo, in a statement he personally signed, said Dr Godwin Emefiele, the CBN Governor, had personally confirmed the development to him in a phone conversation on Sunday night after a Bankers’ Committee meeting.

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The Anambra governor directive was sequel to CBN’s directive to Commercial banks to dispense and to also receive old currency notes as deposits from customers.

According to him, 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.

“The CBN Governor, Dr Godwin Emefiele, personally confirmed this development 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, including N200; N500; and N1,000w as well as the new notes,” he said.

Soludo said Anambra 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,” he said.