Following the Supreme Court’s decision last week to extend the use of old N200, N500, and N1000 banknotes as legal currency until December 31, 2023, the banks are still undecided and divided on whether to reissue.
Some banks, while reacting to the supreme court’s directive, asserted that they could not start re-issuing old notes until instructed to do so by the Central Bank of Nigeria (CBN).
However, several banking officials who spoke to Vanguard about the development said they would comply with the Supreme Court ruling after CBN issued the directive.
An unnamed official working with Access Bank said the banks will issue the old naira when the apex bank issues the directive, not the Supreme Court.
“Banks in Nigeria are heavily regulated and we just listen to what CBN has to say. Despite the ruling, we still need to hear from our regulator,” he said.
Speaking on whether CBN will abide by the Supreme Court ruling, the Access Bank official said the apex bank has reported to the president and the president has made a decision on the matter.
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