The judgment of the Supreme court which extend the validity of the old naira notes, N200, N500 and N1000 till december has started taking effect as commercial banks have began paying Nigerians with the old notes.
This is, however, without the directive from the Central Bank of Nigeria.
According to Daily Trust, “some 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.”
Meanwhile, many banks have started paying the old naira notes. According to many of them, they have not still waiting the directive from the Central Bank of Nigeria.
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Sources at GTB said they received a directive from their management to begin paying old notes in their vault.
“The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard,” the source said.
Before the Supreme Court judgement, the old naira old allowed to be circulation was the N200.
