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

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

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. 



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