Old Naira Deposit: CBN Must Call Commercial Banks To Order – Gov Adeleke

Ademola Adeleke, the Osun State Governor, has called out to the Central Bank of Nigeria. The governor, on Sunday decried the maltreatment of residents of the state by banks which refused to collect old N500 and N1,000 notes. 

 The Osun State government had been informed that commercial banks in the state were declining deposits of the old currency even after paying customers with the same old notes. 

 A statement signed by the governor’s spokesperson, Olawale Rasheed, lamented the pains and suffering of the people of Osun State over the action of the banks. 

 The governor revealed that he was aware of the many complaints of the citizens over banks’ refusal of old naira deposits and the attendant negative consequences of such action in society. “I have received several calls from bank customers across the state. 

The deliberate refusal of banks to collect old notes is creating serious economic complications for residents of the state. 

For the banks to issue old notes and refuse to accept old notes as deposits is highly unacceptable. “I have consequently called on the Central Bank of Nigeria to direct the banks operating in the state to correct the anomalies. 

The State Director of the CBN is specifically requested to direct the banks to halt this unhealthy practice,” Adeleke stated. While calling for a stop to the pain inflicted on the people of the state, Gov Adeleke maintained that if banks will not accept old notes as deposits, they should stop issuing the same old notes for withdrawal.

 DAILY POST reported in February that Adeleke had warned commercial banks operating in the state against hoarding the new naira notes and rejecting the old currency.

 On March 3, 2023, the Supreme Court in a judgment directed the Federal Government to extend the deadline for the spending of the old N200, N500 and N1,000 till December 31, 2023. However, one week after, the imbroglio of the naira persists.