Commercial Banks, Businesses To Be Closed Down In Anambra, As Soludo Orders Use Of Old Naira Notes

Commercial Banks in Anambra state are to be closed down over failure to dispense and accept old naira notes as legal tenders.

Also to be sanctioned are private and public business concerns in the state what refuse to accept the old naira notes from the general public which includes shops , fuel stations and markets in the area

Recall that since the ruling by the Supreme Court that the old N500.00 and N1,000.00 should be used as legal tenders most commercial banks and business establishments have continued to turn down the acceptance of those notes hence frustrating economic activities in the state.

Since the ruling of the apex court and the directive of the Central Bank of Nigeria CBN residents in Anambra state have been facing serious challenges as traders fuel stations and other businesses have refused to accept the old N1,000.00 and N500.00 notes .

Against this development Gov Charles Soludo of Anambra has directed the general public to report incidents of rejection of the old naira notes to government with the names of affected banks and business establishments for sanctions.

According to the release signed by the governor himself it stated that ;

“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.” he said.