Banks Resume Paying Nigerians Old 500, 1000 Naira Notes

Some commercial banks have started issuing out old N500 and N1000 notes to their customers.

It would be recalled that a seven-member panel of the Supreme Court had last Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31.

At least three banks in Abuja, issued out old N500 and N1000 notes to customers in Abuja on Monday while a bank in Kano also did the same.

According to Daily Trust, checks on Monday afternoon showed that some banks were still maintaining old status quo by issuing out only old N200 notes.

The Central Bank of Nigeria (CBN) is yet to issue a directive on the order of the Supreme Court that the old N500 and N1000 notes phased out by the Federal Government must remain in circulation till December.

In a unanimous judgement, a seven-member panel of justices presided by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council (FEC) and the National Council of State and other stakeholders, was unconstitutional.

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

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