In view of some commercial banks paying out old naira notes, to customer, the Central Bank of Nigeria (CBN) has said that it has not issued a fresh directive to financial institutions following last Friday’s judgment of the Supreme Court
Recall that the Supreme Court had ordered the continued circulation and use of the old naira notes alongside the new ones until December 31.
A seven-member panel of justices presided over by Justice Inyang Okoro had described as unconstitutional, President Muhammadu Buhari’s directive to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, Federal Executive Council, the National Council of States, and other stakeholders.
Following the judgments, there was confusion among commercial banks and business operators following the non-issuance of a directive by the CBN on receiving the old N500 and N1000 notes. The CBN spokesman, Isa Abdulmumin, who spoke to our reporter, said the CBN has not issued an official statement.
Daily Trust reports that a senior management source of the apex bank said: “Both the old and new notes are legal tender, and banks are currently issuing them to customers. Nigerians should not reject any note, whether old or new.”
More commercial banks across the country have commenced dispensing the old N500 and N1000 notes to their customers.
Checks by our reporter in Lagos indicated that banks have started issuing the old naira notes to customers at their various Automated Teller Machine (ATM) terminals and over the counter.
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