Naira Crisis: Call Banks To Order – Gov Adeleke Urges CBN

The Osun State Governor, Ademola Adeleke, has called on the Central Bank of Nigeria (CBN) to order commercial banks to accept the old naira notes from residents of the state.

The governor, as gathered by Naija News, expressed his displeasure over what he called the maltreatment of residents of the state by banks who refused to collect old N500 and ₦1,000 notes.

He said how can banks issue old notes to citizens and refuse to collect them.

Adeleke, in a statement on Sunday issued by his spokesperson, Olawale Rasheed, said the State Director of the CBN is specifically requested to direct banks to stop the “unhealthy practice.”

The governor bemoaned how the development has caused pain and suffering for the people of Osun State, adding that it has caused serious economic implications for residents.

The governor insisted that banks should stop issuing old notes withdrawals if they won’t accept them as deposits.

He remarked that “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.”

Naija News recalls that the Supreme Court in a March 3, 2023 judgement nullified the federal government’s naira redesigned policy while ordering the government to extend the deadline for the spending of the old N200, N500 and ₦1,000 till December 31, 2023.

However, ever since the judgement of the apex court, both the CBN Governor, Godwin Emefelie, and the federal government are yet to react to the judgement or give any further directives.

A development that has stirred controversies from different quarters and has caused confusion among Nigerians.