Governor Chukwuma Soludo of Anambra State has threatened to report any Commercial bank that refuses to accept the old N1000 and N500 naira notes to the Central bank of Nigeria (CBN) and immediately shut down defaulting branch in the State.

Recall that the Supreme court in a unanimous judgement by a seven-member panel of Justices led by Justice Emmanuel Agim on Friday March 3rd 2023, nullified the ban on the use of old naira notes by the federal government and ordered that the old notes remain a valid legal tender along with the redesigned new naira notes till December 2023.

But, the alleged refusal by the CBN to direct deposit money banks to accept the notes, prompted Governors who are defendants in the suit to threaten file contempt of court charge against the Governor of CBN, Godwin Emefiele and President Muhammadu Buhari for allegedly refusing to comply with the orders of the apex court.

Soludo who issued the threat in a statement where he confirmed CBN directive to Commercial banks to accept the old notes at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.

The CBN Governor, Godwin Emefiele, personally confirmed the above to him during a telephone conversation on Sunday night, the former Governor of CBN said in the statement.

In February 2023, angry Nigerians had protested in most parts of the nation over the naira redesigned policy by the CBN and fuel price hike, leading to invasion or some deposit money banks and killing of civilians by security personnel.

Not soon after the unrest had abated, President Buhari stepped into the crisis, and ordered that

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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, 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.


C. C. Soludo CFR.
Governor, Anambra State.

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