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  • Business - Economy
  • Updated: March 06, 2023

Old Naira Notes: We Only Listen To What CBN Says — Bankers

Old Naira Notes: We Only Listen To What CBN Says — Bankers

Some bank officials have disclosed that the only way they can comply with the Supreme Court order of revalidating the legal tender status of the old naira notes is once the directive comes from the Central Bank of Nigeria.

Presently, stakeholders in the financial sector and banks are divided over the re-issuance of the old naira notes following the Supreme Court judgement extending their legal tender status till December 31st 2023. 

While banks said they can't commence re-issuance of the old notes until they are directed to do so by CBN, stakeholders including bank customers, financial analysts and business owners have called for immediate re-issuance of the old naira notes in compliance with the Supreme Court.

The bank officials who spoke with Vanguard noted that they cannot comply with the Supreme Court order until they are told to do so by the apex bank.

One of the officials working with Access Bank who spoke on condition of anonymity said the banks would obey what CBN says, not the Supreme Court.

“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says.

“Despite the ruling, we still need to hear from our regulator”, he said.  

On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.

 “We all know what the President has said on the matter.

“The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President

Another official from Keystone Bank said: “We can’t do anything contrary to CBN.

“They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday."

Another bank official who also pleaded to remain anonymous, also revealed that in spite of the directive, the old notes have not been made available to the bank.

"We don’t have the old notes and we are not answerable to the Supreme Court.

“The CBN must send a circular before we can implement any directive.”

In addition, another banker stressed that the old Naira notes are no longer in their possession, adding that if the CBN makes it available to banks they will start paying their customers.

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