Following the Supreme Court’s decision to extend the validity of the Central Bank of Nigeria’s currency redesign policy until December 31, some banks across the country have begun issuing old N500 and N1,000 notes to customers.
Guaranty Trust Bank, Polaris Bank, and other banks confirmed on Monday that they were still dispensing the old notes in Abuja and Kano.
According to a banker who spoke with Daily Trust, the directive to begin paying the old notes in their vault came from management.
She went on to say, “The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard.”
Meanwhile, neither the CBN nor the presidency had issued an official circular instructing deposit money banks to comply with the apex court judgment.
Recall that on Friday, a seven-member panel of justices presided over by Justice Inyang Okoro ruled that President Muhammadu Buhari’s directive to the CBN to redesign and withdraw old notes of N200, N500, and N1,000 without consulting the states, the Federal Executive Council, the National Council of State, and other stakeholders was unconstitutional.
The Supreme Court observed that no reasonable notice was provided prior to the implementation of the policy, as required by the CBN Act.
See reactions to the news:
@ayscrat: Wicked Nigerian market women refused to collect old notes, why are Nigerians so wicked? Governments says A citizens does B…wicked people everywhere 😡😡😡😡
@smlegit: @gtbank paid me with old note this afternoon I hope it is clear now that old notes are now legal acceptable across the country
@person_pikin1: Why are they doing like this? I gave out my bundle of 290k of 500 Naira last month. Why are they making me feel bad?
@_Cjay9: This is madness! Because I went to Access bank to withdraw some cash this morning.
What the bank staff said was as the cash is being giving out,it won’t be accepted again so what’s the excess of getting old notes when you can’t spend it on the street and banks!
@Daniboyf1: Ok ✅
I think this is a lie
I was inside the bank today and they rejected 1000 Naira note a customer brought to their desk
