Wednesday, March 22, 2023

Banks issuing but rejecting deposit of old naira notes in Osun: Gov Adeleke

“If banks will not accept old notes as deposits, they must stop issuing old notes for withdrawal.”

• March 13, 2023
Old Naira notes and new Naira notes
Old Naira notes and new Naira notes

Governor Ademola Adeleke of Osun has warned commercial banks in the state to stop issuing old naira notes to customers if they will not accept them back as deposits.

In a statement by his spokesperson, Olawale Rasheed, on Monday, the governor described as worrisome the maltreatment of residents by commercial banks refusing to collect old currency notes, even after paying customers with such.

Mr Adeleke said he had received many complaints from people who accused the banks of refusing deposits of old notes and the attendant negative consequences on the populace.

“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 a deposit is highly unacceptable,” the Osun governor said.

The governor, however, 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. If banks will not accept old notes as deposits, they must stop issuing old notes for withdrawal. The current pain being inflicted on our people must stop,” he said. 

Commercial banks had been dispensing the old notes after the Supreme Court ruled that the old banknotes remain legal tender until December 31. 


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Bola Tinubu and Atiku Abubakar


INEC violated margin of lead principle to declare Tinubu president-elect, Atiku tells court

It is unclear whether the public can expect an upturn of Mr Tinubu’s widely criticised win, however, the margin of lead argument poses a threat to his camp.

Court symbol used to tell the story


Truck driver, other jailed six years for stealing hair products

Mr Emmanuel and his accomplice, Emmanuel John, 26, a security officer, were charged with three counts bordering on conspiracy and theft.

Tigray People’s Liberation Front (TPLF)


Ethiopia removes Tigray party from terror list

The Ethiopian government and the TPLF signed a peace agreement in South Africa in November 2022, ending the two-year civil war.

Chinese Yuan and American Dollar


Chinese yuan strengthens to ¥6.8715 against dollar

In China’s spot foreign exchange market, the yuan could rise or fall by two per cent from the central parity rate each trading day.

Uganda parliament and LGBTQ flag


Ugandan parliament passes bill to criminalise homosexuality

The parliament spokesperson, Chris Obore, confirmed this. “Yes, it was passed overwhelmingly.’’

Danjuma Goje


Gombe APC probes ex-governor for supporting opposition party candidate

Mr Abdullahi said the inauguration was in compliance with the party’s constitution, which provided for fairness and justice.