BREAKING: Banks begin payment of old N500, N1,000 notes

Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.

On Monday, it was revealed that, “the old notes were still being issued in Kano and Abuja by Guaranty Trust Bank, Polaris Bank, and a few other banks.”

According to our correspondent, “A banker who spoke with Daily Trust was quoted as claiming that management gave the order to start paying the old notes in their vault.”

“The issue is that since we don’t have any guidance in that area, taking the old notes from clients will require the CBN form.” She said.

Recall that a seven-member court, presided over by Justice Inyang Okoro, ruled on Friday that, “it was unconstitutional for President Muhammadu Buhari to order the Central Bank of Nigeria (CBN) to redesign and withdraw the old N200, N500, and N1,000 notes without first consulting the states, the Federal Executive Council, the National Council of States, and other relevant parties.”

“The supreme court noted that no enough warning had been given prior to the policy’s implementation as required by the CBN Act.” Source added.