Why Banks Are Not Issuing Old Naira Notes Even After Supreme Court’s Ruling
Some bank officials said they would comply with the Supreme Court’s ruling only on one condition. Banks in Nigeria have revealed why they are not issuing the old 200, 500 and 1000 as directed by the Supreme Court. The apex court had last week ruled that the old notes are still legal tenders till December 31st 2023. Banks in reaction to the apex court’s directive noted that they can’t commence re-issuance of the old notes until they are directed to do so by the Central Bank of Nigeria (CBN). Some bank officials who spoke with Vanguard on the development said they would comply with the Supreme Court’s ruling once CBN gives the directive. One of the officials working with Access Bank who spoke on condition of anonymity said the banks would issue the old naira notes when the apex bank gives the directive and not the Supreme Court. He said, “Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator.” Speaki
