March 13, 2023

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

This is contained in a statement by his spokesperson, Malam Olawale Rasheed, on Monday in Osogbo.

The governor said that the maltreatment of residents of the state by commercial banks refusing to collect old currency notes, even after paying customers with such notes, is worrisome.

Adeleke said that he had received many complaints from bank customers, who accused the banks of refusing deposits of old notes as well as 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 deposit is highly unacceptable.

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. (NAN)