Monday, September 25, 2023

Naira: Commercial Banks Start Dispensing Old Notes

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Commercial banks have started dispensing the old naira notes to customers at their various Automated Teller Machines (ATM) terminals and over the counter.


This is happening as a result of the new supreme court ruling, extending the validity period to the end of the year.

The controversy started after the naira redesign policy of the Central Bank of Nigeria (CBN) from October 2022. Some states wrote the supreme court to extend the validity of the N200, N500, and N1,000 notes.

READ ALSO: Banks Await Instruction On Old Naira Recirculation

The final verdict was passed last week after the supreme court ruled that the old N200, N500 and N1,000 notes should continue as legal tender until 31st December 2023.

The Cable observed that a Zenith branch in Festac Town paid out the old notes to customers over the counter.

“It has been approved by CBN for circulation till December 31 and that’s why we can dispense to our customers,” a bank official said.

Isa Abdulmumin, CBN spokesperson, said both the old and new notes are legal tender and ATMs have started dispensing the old notes.

However, he said the CBN was yet to issue an official statement on the matter.

READ ALSO: Naira Crisis: Banks Shun CBN Directive, Collect Old N1,000, N500

“Banks are paying old notes as well as new notes. They are all legal tender,” he said.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

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 Photo credit: Getty

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