We Didn’t Direct Banks To Disburse Old Notes – CBN

The Central Bank of Nigeria (CBN) on Tuesday said it has not issued a fresh directive to commercial banks on last Friday’s judgment of the Supreme Court ordering the circulation of the old naira notes alongside the new ones until December 31.

A seven-member panel of justices presided over by Justice Inyang Okoro had described as unconstitutional, President Muhammadu Buhari’s directive to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, Federal Executive Council, the National Council of States, and other stakeholders.


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Platforms Africa reports that there was confusion among commercial banks and business operators following the non-issuance of a directive by the CBN on receiving the old N500 and N1000 notes. The CBN spokesman, Isa Abdulmumin, who spoke to our reporter, said the CBN has not issued an official statement.

However, a senior management source who spoke to Daily Trust 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.”More commercial banks across the country have commenced dispensing the old N500 and N1000 notes to their customers.

This is coming 24 hours after Platformsafrica reported that Guarantee Trust Bank (GTB) began dispensing the old notes across its branches nationwide on Monday.

Source: Daily Trust

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