JUST IN: CBN Speaks On Old Naira Notes Issued By Banks

JUST IN: CBN Speaks On Old Naira Notes Issued By Banks

The Central Bank of Nigeria (CBN) said Tuesday that it has not issued a new directive to commercial banks in response to the Supreme Court’s decision last Friday ordering the circulation of old naira notes alongside new ones until December 31.

President Muhammadu Buhari’s directive to the CBN to redesign and withdraw old notes of N200, N500, and N1,000 without consultation with the states, Federal Executive Council, National Council of States, and other stakeholders was deemed unconstitutional by a seven-member panel of justices presided over by Justice Inyang Okoro.

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Following the CBN’s failure to issue a directive on receiving old N500 and N1000 notes, commercial banks and business operators were confused.

According to Isa Abdulmumin, the CBN’s spokesman, who spoke with Daily Trust, the CBN has not issued an official statement.

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