We never instructed banks to issue old notes – CBN

We never instructed banks to issue old notes – CBN

Promise Eze

The Central Bank of Nigeria (CBN) yesterday said it has not issued any directive to commercial banks to issue old notes in line with the judgment of the Supreme Court ordering the circulation of the old naira notes alongside the new ones until December 31.

The apex court had described as unconstitutional President Muhammadu Buhari’s directive to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, Federal Executive Council, the National Council of States, and other stakeholders.

The CBN spokesman, Isa Abdulmumin, who spoke to Daily Trust, said the CBN had not issued an official statement.

However, a senior management source said, “Both the old and new notes are legal tender, and banks are currently issuing them to customers. Nigerians should not reject any note, whether old or new.”

Recall that some commercial banks on Monday began dispensing the old N500 and N1000 Naira notes.

However, there has been a new twist to the crisis as supermarkets, fuel stations and commercial bus drivers in some parts of Lagos are rejecting the old notes.


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