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SUPREME COURT RULING: Banks reject old naira notes, await CBN order

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Commercial banks are eagerly awaiting a directive from the Central Bank of Nigeria (CBn) on accepting old naira notes.

The Supreme Court ruled on March 3, 2023, that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

Despite the ruling, most commercial bank branches visited are still rejecting old naira notes.

A branch manager at EcoBank told Ripples Nigeria on condition of anonymity that they were still waiting for the CBN circular to accept old naira notes.

He also said that only customers with a printout from the CBN portal for old naira notes could deposit same.

Read also:Old Naira notes: Fuel stations, traders, others ignore Supreme Court judgement

His words: “Currently, customers can only deposit old naira notes by presenting a printout from the CBN portal. We are still waiting for a CBN circular that will allow us to accept the old N1,000 and N500 naira notes”.

Similar comments were made by bank officials from other banks visited.

One of the officials working with Access Bank said the banks would obey what CBN says, 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”

A Keystone bank official said: “We don’t have the old notes and are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”

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