Following the Supreme court’s ruling on the Naira-Swap, commercial banks in Nigeria have started issuing out old N500 and N1000 notes to their customers.
Checks by News Central on Monday indicate that while some banks are still maintaining the old status quo by issuing out only old N200 notes, at least four commercial banks are issuing out old N500 and N1000 notes to their customers in parts of Oyo, Lagos, Kano, and Abuja.
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.
A seven-member panel of justices presided over by Justice Inyang Okoro delivered a unanimous decision on Friday, stating that the order 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), National Council of State and other stakeholders, was illegal and therefore null and void.
The apex court observed that no sufficient notice was given before the policy went into full swing as provided under the CBN Act.
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