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S’Court ruling: Banks begin partial compliance on old naira notes

FOLLOWING the Supreme Court’s decision to prolong the validity of the Central Bank of Nigeria’s currency redesign policy until December 31, certain banks across the country have begun issuing old N500 and N1,000 notes to consumers.

Guaranty Trust Bank, Polaris Bank, and other banks acknowledged today that they were still issuing the old notes in Abuja and Kano.

According to a banker who spoke with Daily Trust, the instruction to begin cashing the old notes in their vault came from management.

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.

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