Call Commercial Banks To Order – Gov Adeleke Tells CBN

Osun State’s governor, Ademola Adeleke, protested the banks’ abuse of his constituents on Sunday by refusing to accept old N500 and N1,000 notes.

According to evidence given to the Osun State administration, the commercial banks in the state were refusing deposits of the old money even after paying customers with the same old notes.

The governor’s spokesperson, Olawale Rasheed, issued a statement regretting the pain and suffering caused by the banks to the people of Osun State.

The governor stated that he was aware of the many complaints raised by the public over the banks’ refusal to accept old naira deposits and the negative repercussions on society as a result.

“Many bank clients from across the state have been in touch with me.” The purposeful refusal of banks to accept outdated currencies is posing serious financial problems for the people of the state. Printing out old notes while refusing to accept them as deposits is entirely improper on the part of banks.

I have consequently asked the Central Bank of Nigeria to inform the banks operating in the state to correct the mistakes. According to Adeleke, it is expressly requested that the CBN State Director tell the banks to discontinue this unwholesome practice.

The Federal Government was ordered to extend the deadline for spending the old N200, N500, and N1,000 notes to December 31, 2023, according to a ruling issued by the Supreme Court on March 3, 2023.

But a week later, the naira crisis is still present.

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