Commercial Banks Dispense Old N500, N1000 Notes To Nigerians Amid Silence From Central Bank
For some weeks now, Nigeria has been gripped
by the scarcity of the Naira as a result of the Naira redesign policy by the
Central Bank of Nigeria. According to the CBN, the N500 and N1000 notes are no
longer legal tenders. This led the supreme court of Nigeria had ordered that
the N500 and N1000 notes are legal tenders and as such should be kept in
circulation until December 2023.
According to Sahara reporters, some
commercial banks in Nigeria have started to dispense the old N500 and N1000
notes.
According to an Illorin resident, the ATMs of Guaranty Trust Bank
at Umar Audu Road, Opposite University Road Junction, Tanke, GRA, 10, Ilorin
paid him some old N1,000 notes.
According to Sahara reporters, a banker said
some banks have not started dispensing old notes because they have not yet
gotten the go-ahead because of the uncertainty surrounding the validity of the
naira notes as legal tenders in the country.
According to reports from the daily trust, some
banks in Abuja the Nation`s capital have started dispensing old N500 and N1000
notes to their customers.
READ
ALSO – BUHARI APOLOGIZES FOR NAIRA SCARCITY
The Central Bank Of Nigeria has not reacted
to the apex court`s decision on the policy which has subjected Nigerians to
hardships for some weeks now.
A seven-member panel of justices presided
over by Justice Inyang Okoro ruled unanimously that President Muhammadu
Buhari's directive to the Central Bank of Nigeria (CBN) to redesign and
withdraw old notes of N200, N500, and N1,000 without consulting the states, the
Federal Executive Council (FEC), the National Council of State, and other
stakeholders were unconstitutional.
The Supreme Court
observed that no reasonable notice was provided before the implementation of
the policy, as required by the CBN Act.
Visit www.sabi2earn.com/register to register as a member and fund your account
with #70 to participate in the paid quiz to stand a chance to win #2,500.
Want your friends to read this too? Kindly share on Facebook, Instagram, and Twitter.
