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CBN Clears Air On Acceptance Of Old Naira Notes

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The Central Bank of Nigeria, CBN, has cleared the air on directing commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis.

Isa Abdulmumin, Acting Director of Corporate Communication CBN, in an exclusive chat with Daily Post on Monday, March 13, 2023, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.

Abdulmumin was reacting to a statement by the Governor of Anambra State, Prof Chukwuma Soludo, claiming the apex bank had directed commercial banks to dispense and accept the old notes.

He said, “Governor Charles Soludo’s statement emanates from him, not the Central Bank of Nigeria. The Central Bank has not issued any statement directing banks on a collection of old naira notes. I am sure sometime in the future; the bank will issue a statement”.

CBN’s silence 10 days after the Supreme Court ruling validating the old naira notes has continued to unsettle economic stakeholders amid Nigerians’ hardship over the naira crisis.

Governor Akeredolu Decries Rejection Of Old Naira Notes Following Supreme Court Order

The governor of Ondo State, Rotimi Akeredolu, has expressed his concern over the rejection of the old N500 and N1000 naira notes by Nigerians, stating that it is illegal and goes against the ruling of the Supreme Court.

Speaking during a statewide broadcast on Thursday, March 9, 2023, the governor urged Nigerians to stop rejecting the old notes and warned that anyone caught doing so would face the full wrath of the law.

“It has come to our attention that some Nigerians are rejecting the old N500 and N1000 notes, claiming that they are no longer legal tender. I want to make it clear that this is illegal and goes against the ruling of the Supreme Court,” he said.

The governor went on to explain that the Supreme Court had ruled that the old notes remain legal tender and that the Central Bank of Nigeria (CBN) had also issued a statement to that effect.

“The Supreme Court has ruled that the old notes are still legal tender, and the CBN has also issued a statement confirming this. Therefore, anyone who refuses to accept the old notes is breaking the law and will face the full wrath of the law,” he added.

The rejection of the old notes by Nigerians has become a cause for concern, with many businesses and individuals refusing to accept them. The development has led to a shortage of small denominations, as people hold on to the new notes.

The governor’s statement has been welcomed by many, who see it as a step towards addressing the issue and restoring the confidence of Nigerians in the old notes.

The Central Bank of Nigeria (CBN) has also reiterated its commitment to ensuring that the old notes remain legal tender and urged Nigerians to stop rejecting them.

The rejection of the old notes has been attributed to rumors that the CBN plans to demonetize them, which the apex bank has denied. The CBN has stated that the old notes will continue to circulate alongside the new ones, and that there are no plans to demonetize them.

The governor’s call for Nigerians to accept the old notes is expected to ease the situation and ensure that businesses and individuals have access to small denominations.

Source: Daily Post

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