Some Banks Have Started Giving Their Customers Old 1,000 Naira and 500 Naira Notes Today Monday
Some Banks Have Started Giving Their Customers Old 1,000 Naira and 500 Naira Notes Today Monday
Following the decision of the Supreme Court, which extended the deadline for the reformation of the Nigerian currency to December 31, some Nigerian banks have started paying the old N500 and N1,000 notes to their customers.
Today Monday it was confirmed that GT Bank (Guaranty Trust Bank), Polaris and other banks have started issuing old currency notes in Abuja and Kano.
A bank employee who spoke to the Daily Trust newspaper was reported as saying that the order to start paying the old money in their accounts came from the bank's board.
However, she added, "There is one problem now, that is to receive the old bills from the customers, we have to request the CBN form because we don't have any instructions about that."
In the current situation, no one from the CBN to the President has issued an official statement confirming compliance with the court's order.
If it can be recalled, on Friday, a seven-judge panel led by Justice Inyang Okoro, declared that President Muhammadu Buhari's directive to the Central Bank of Nigeria (CBN) to stop using the old N200 notes, N500 and N1,000, without consulting the states, the Federal Assembly, the states and other stakeholders, as against the constitution.
The Supreme Court observed that due notice was not given prior to the implementation of the policy as required by the CBN Act.