Gov Adeleke Urges CBN to Take Action Against Commercial Banks Over Unpaid Old Naira Deposits

Governor Ademola Adeleke of Osun State has expressed his disapproval of the maltreatment of citizens by banks in the state, which have refused to accept deposits of old N500 and N1,000 notes. Olawale Rasheed, the governor’s spokesperson, released a statement expressing the pain and suffering of the people of Osun State due to the banks’ refusal of old naira deposits. Adeleke has called on the Central Bank of Nigeria to intervene and direct the banks to cease this practice. He has also urged them to stop issuing old notes for withdrawal if they will not accept them as deposits.

In February, Adeleke had warned commercial banks operating in the state against hoarding the new naira notes and rejecting the old currency. On March 3, 2023, the Supreme Court issued a judgment ordering the Federal Government to extend the deadline for spending of old N200, N500 and N1,000 notes until December 31, 2023. Unfortunately, one week after this ruling, the naira crisis persists.