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CBN has directed banks to dispense, and accept old notes… Emefiele confirmed it to me, says Soludo

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2 years ago

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Chukwuma Soludo, Anambra governor, says the Central Bank of Nigeria (CBN) has directed commercial banks to pay out old and new naira notes to customers.

In a statement on Monday, Soludo said Godwin Emefiele, the CBN governor, confirmed the directive personally to him in a phone conversation, after meeting with the Bankers’ Committee over the weekend.

Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.

Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

It has been nearly two weeks since the supreme court, there is still uncertainty about the true status of things as the old notes being rejected by traders, even though some banks are dispensing them.

There are also reports that banks are refusing to accepts deposits of the old currency notes.

Soludo, speaking on issue, said the CBN gave the directive at a meeting with the Bankers’ Committee held on Sunday, 12th March.

“Commercial banks have been directed by the central bank to dispense old currency notes and to also receive same as deposits from customers,” the governor said.

“Tellers at the commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

“The governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023. The Governor, Dr. Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.

“Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.”

Soludo also urged residents report any bank that refuses to accept deposits of the old notes.

“Anambra state government will not only report such a bank to the CBN, but will also immediately shut down the defaulting branch,” he added.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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16 hours ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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19 hours ago

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November 25, 2024 11:01 am

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Business

Allegation of missing fund untrue, says Access Bank

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21 hours ago

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November 25, 2024 9:16 am

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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