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Nigeria's Naira Redesign versus Old and New Naira Notes Bundles
Business Economy News

Nigerian Banks Comply With CBN Directive On Old N500, N1,000 Notes

In line 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, there was compliance in many states of the federation on Tuesday.

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.

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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.

The CBN had directed commercial banks to collect and dispense the old naira notes until December 31, 2023.

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. CBN directive on old N500 and N1,000 notes

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Comrade James Ezema is a veteran journalist and media consultant. He is a political strategist. He can be reached on +2348035823617 via call or WhatsApp.

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