Nigeria: We Didn’t Direct Banks to Disburse Old Notes – CBN

[Oluwaseun Samuel]

The Central Bank of Nigeria (CBN) Tuesday said it has not issued a fresh directive to commercial banks on last Friday’s judgment of the Supreme Court ordering the circulation 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.

 

Daily Trust reports that 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.

However, a senior management source who spoke to Daily Trust 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.

 

This is coming 24 hours after Daily Trust reported that Guarantee Trust Bank (GTB) began dispensing the old notes across its branches nationwide on Monday.

 

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.

 

Zenith Bank branch in Festac Town paid the old notes to customers over the counter. The ATMs at the branches of the United Bank for Africa (UBA) close to Agege-Pen Cinema Bridge, and GTB in the Ikeja area of Lagos, were also dispensing the old notes.

 

 

• This topic was modified 1 year, 9 months ago by Oluwaseun Samuel.

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