After the Supreme Court decision last week that extended the validity of the Central Bank of Nigeria’s currency redesign policy to December 31, certain banks have begun issuing old N500 and N1,000 notes.
On Monday, it was verified that Guaranty Trust Bank, Polaris Bank, and a few other banks were still issuing the old notes in Kano and Abuja.
According to a banker who spoke with Daily Trust, their management gave the order to start paying off the old bills in their vault.
She added, “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 has issued a formal circular urging 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 stated that no reasonable notice was provided before to the implementation of the policy, as required under the CBN Act.
