Breaking: Bank is now paying old N500 and N100 Notes to customers

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Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December, some deposit money banks have started paying out the old notes.

Check show that some commercial banks in the City of Kano and Abuja have commenced paying out the old N500 and N1000 notes.

While some branches of Guarantee Trust Bank (GTB) issued out old notes, some others like Polaris bank in Abuja had not commenced as of the time this report was filed.

A member of staff confided in our reporter that only the old N200 notes were still being issued, “as we do not have any new directive on what to do yet.”

In a unanimous judgement, a seven-member panel of justices presided by Justice Inyang Okoro, on Friday, held that the directive 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) and the National Council of State and other stakeholders, was unconstitutional.

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

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