We Are Awaiting CBN’s Directive On Reissuing Old Notes – Banks

Following the ruling of the Supreme Court last week extending the usage of old N200, N500 and N1000 notes as legal tenders till December 31st 2023, banks are still undecided and divided over the re-issuance.

A few banks while reacting to the apex court’s directive maintained 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).

However, 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.

An official working with Access Bank, speaking anonymously said the banks would issue the old naira notes when the apex bank gives the directive and not the Supreme Court.

“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,” he said.

Speaking on whether CBN will obey the Supreme Court’s judgement, the Access Bank official said the apex bank reports to the President and that the President has decided on the issue.

His words:
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.”

A Keystone Bank official, said,
“We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.”

Another bank official who spoke anonymously, said the old notes have not been made available to the bank.

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