CBN Debunks Soludo's Statement, Says it Has Not Issued Directive to Banks on Old Naira Notes

CBN Debunks Soludo's Statement, Says it Has Not Issued Directive to Banks on Old Naira Notes

  • The Central Bank of Nigeria has denied asking Commercial Banks to accept old naira notes
  • The bank was reacting to a statement credited to Anambra State Governor, Chukwuma Soludo
  • Soludo had stated that CBN Governor Godwin Emefiele had told him that commercial banks can now dispense the old notes

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Contrary to reports credited to Anambra State Governor Chukuwma Soludo that the Central Bank of Nigeria has directed commercial Banks to issue the old naira notes, the apex bank has said there is no official statement to news. had reported that CBN’s spokesman, Isa Abdulmumin debunked Soludo’s statement during a telephone interview.

Emefiele, Soludo, CBN
CBN Governor, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Getty Images

CBN and Soludo on back and forth

According to Abdulmumin, Soludo’s statement should not be taken as the official stance of CBN.

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He said the apex has yet to notify commercial banks to reissue the old N500 and N1,000 notes.

Soludo had stated the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, had confided in him during a private phone conversation that the bank has directed commercial banks to issue the old naira notes.

He further stated that the matter was discussed during the Bankers’ Committee meeting on Sunday, March 12, 2023.

Soludo threatens banks

Soludo directed residents of Anambra to accept the old naira notes and report any bank rejecting them.

In a statement signed by Soludo, he said CBN had directed commercial banks to dispense the old naira notes.

The former CBN governor stated that Tellers are to generate deposit codes and that there is no limit to the number of times an individual or company can make a deposit.

Soludo’s statement was widely reported, causing confusion among Nigerians rejecting the old banknotes because CBN has authorized them as legal tender.

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CBN Speaks on New, Old Naira Notes Cash Swap Programme After Supreme Court Order reported that the Central Bank of Nigeria had ended its cash swap programme for rural and unbanked communities.

The programme launched on Monday, January 23, 2023, aimed to accelerate the circulation of new banknotes by exchanging the old N1000, N500, N200 notes the newly redesigned notes and/or the existing lower denominations (N100, N50, and N20, etc).

According to the Punch, CBN acting Spokesman Isa Abdulmumin disclosed that the initiative has completed its purpose.


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