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S’Court judgement: Banks resume paying old N500, N1000 notes

Following the Supreme Court judgement, some commercial banks have started issuing out old N500 and N1000 notes to their customers.

It was gathered that at least three banks in Abuja, issued out old N500 and N1000 notes to customers in Abuja on Monday while a bank in Kano also did the same.

According to Daily Trust, some banks on Monday afternoon were still maintaining old status quo by issuing out only old N200 notes.

Meanwhile, the Central Bank of Nigeria (CBN) is yet to issue a directive on the order of the Supreme Court that the old N500 and N1000 notes phased out by the Federal Government must remain in circulation till December.

It could be recalled that a seven-member panel of justices presided by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council (FEC) and the National Council of State and other stakeholders, was unconstitutional.

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

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