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In compliance with the order of the Central Bank of Nigeria (CBN) to Money Deposit Banks (MDBs) to pay out and collect old N500 and N1,000 notes to customers, banks in the Federal Capital Territory (FCT) and other parts of Northern Nigeria have complied.
The CBN, had, in a statement on Monday night, said, “in compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Muhammadu Buhari and, by extension, the operation of CBN, as regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
Banking services, monitored in various states, indicated reasonable level of compliance with the CBN directive.
Deposit Money Banks (DMBs) across the country collected the old N200, N500 and N1,000 notes from depositors as well as paid customers in the old naira notes in compliance with the CBN directive.
In the statement signed by its Acting Director, Corporate Communications, Isa AbdulMumin, Deposit Money Banks operating in Nigeria were directed to comply with the Supreme Court judgement of March 3, 2023, extending old naira notes as legal tender until the end of the year.
The statement titled “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN”, reads:
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly” , the directive read.
In the Abuja, the Federal Capital Territory (FCT), Deposit Money Banks (DMBs) collected the old N200, N500 and N1,000 notes from depositors in compliance with the CBN. directive.
Also, some customers were seen depositing the old currencies in their banks’ accounts.
Also, in Kano, large number of customers besieged various commercial banks in the city to withdraw and deposit N500 and N1,000 notes.
In Bauchi, commercial banks have commenced the disbursement of both the new and old naira notes simultaneously to their customers in line with the directive of the CBN.
Also in Sokoto, banks in possession of old notes in the metropolis have started dispensing same, while others await the CBN for onward delivery.
While some of the commercial banks were dispensing the old notes to customers, the story was not the same others as customers were stranded over non-availability of cash.
However, in Zamfara, Governor Bello Matawalle of Zamfara State described the recent Supreme Court verdict on old currency notes and subsequent compliance by the CBN as a victory for all Nigerians.
This was contained in a statement issued by his Special Adviser on media and communication, Zailani Bappa and made available to journalists on Tuesday.
According to the statement, “Matawalle believes that the court procedure, which culminated into the reversal of the earlier CBN’s rash implementation of the cashless policy is for the good of the nation’s micro-economy and the wellbeing of the common man.”