The Central Bank of Nigeria (CBN) has stated that it did not issue any fresh directive to commercial banks on last Friday’s judgement of the Supreme Court ordering the circulation of the old naira notes alongside the new ones until December 31.
The CBN spokesman, Isa Abdulmumin, who spoke to newsmen, said the CBN had not issued an official statement.
However, a senior management source 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.”
It was reported on Monday reported that commercial banks began dispensing the old N500 and N1000 Naira notes.
A resident of Ilorin, Kwara State had confirmed to newsmen that the ATM machines of Guaranty Trust Bank at Umar Audu Road, Opposite University Road Junction, Tanke, GRA, 10, Ilorin paid him some old N1,000 notes.
A banker who also spoke to newsmen corroborated this.
A seven-member panel of justices presided over by Justice Inyang Okoro ruled unanimously that President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) to redesign and withdraw old notes of N200, N500, and N1,000 without consulting the states, the Federal Executive Council (FEC), 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.
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