CBN Clears Air on Charles Soludo Statement as Banks Continue to Reject Old Naira Notes

CBN Clears Air on Charles Soludo Statement as Banks Continue to Reject Old Naira Notes

  • CBN has given a reply to Anambra state governor Chukwuma Soludo's statement on old naira notes acceptance by banks
  • Soludo claimed, in a post, that he received confirmation that CBN had issued a directive to banks to accept old notes
  • Checks show that banks are yet to get the directives and continue to reject the old naira despite instruction from various state governors

The Central Bank of Nigeria (CBN) has responded to a recent statement by Chukwuma Soludo, the Anambra state governor, regarding accepting old naira notes.

According to Soludo, the Governor of the CBN, Godwin Emefiele, personally confirmed that a directive was issued at a Bankers' Committee meeting held on Sunday, 12th March 2023, instructing banks to accept old notes from customers and dispense them as well.

CBN, Soludo old bank notes
Soludo tells citizens to report banks rejecting old notes. Photo credit: @anambragovt
Source: UGC

Soludo then ordered residents in the state to continue transacting their business with old naira notes and report any bank that refused to accept them to the authorities.

Read also

Did Emefiele give money to Lagos LP guber candidate for election? Fresh details emerge as CBN reacts

CBN gives a reply

However, when contacted Isa Abdulmumin, the Acting Director of Corporate Communication at the CBN, he clarified that the apex bank had not issued any statement directing commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

When asked for further clarification on Soludo's statement and also the validity of old naira notes, Abdulmumin said:

"Governor Charles Soludo’s statement emanates from him, maybe his Chief Press officer(CPO) not the Central Bank of Nigeria will provide the answer you seek."

Banks reject old notes

Meanwhile, a visit to various bank branches in Lagos showed a lack of compliance, as claimed by Soludo.

Also, calls to various bank workers confirmed that there was no directive to accept old naira notes.

Read also

BREAKING: "Emefiele told me old naira notes now legal tender": Soludo reveals confidential details

A manager of one of Ecobank's branches said:

"No information yet on old naira notes except with the earlier directives that customers must first register with the CBN and get a slip."

CBN silence costing the Nigerian economy

Today, March 13th, 2023, marks exactly 10 days since the Supreme Court extended the validity of old Naira notes.

As previously reported by, a seven-member panel of the court, led by John Okoro, unanimously directed that the N200, N500, and N1,000 Naira notes should remain in circulation until December 31st.

The Central Bank of Nigeria (CBN) introduced the controversial Naira design policy in October of 2022 and set January 31st as the deadline for submission of old notes.

The policy has faced heavy criticism from Nigerians and state governors, who have strongly urged businesses to accept the old notes in compliance with the Supreme Court ruling.

Read also

“I called Emefiele”: Soludo tells Anambra residents to accept old naira notes, report banks rejecting them

"Zenith *966*60#": Banks release codes for cardless cash withdrawal at ATMs

Meanwhile, in another report, revealed that commercial banks in Nigeria had introduced cardless ATM cash withdrawals.

To collect cash from an ATM without using a card, customers must generate a code on their mobile phones or through their mobile banking app.

The latest innovation in banking technology preaches convenience and comes at a time Nigerians are battling with cash scarcity.


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email:

Online view pixel