Central Bank of Nigeria

Commercial banks in some satellite towns of FCT are yet to start cash payments, leaving customers stranded and frustrated in spite of the...

”I am helpless. ”We are suffering so much in this country. to complain about some failed transactions but I was refused entry.

Amid the uncertainty, banks and business owners continue to express worry about the silence of the apex bank and the use of the old notes as legal tender.

In Ibadan, the Oyo State capital, residents told PREMIUM TIMES that some commercial banks started dispensing the old notes to customers on Monday. At a First Bank branch, Ogba/Ijaiye Road, Lagos, none of the cash machines were dispensing cash. Another official at the First Bank branch around the Wuse market assured customers with old naira notes to generate codes for deposits. Across all the banks visited, PREMIUM TIMES observed that ATMs were deserted due to a cash crunch. The two automated teller machines (ATMs) of the branch stood empty. In the banking hall, officials were seen attending to customers who came to process electronic transfers. On Tuesday, a PREMIUM TIMES’ reporter found that the Guaranty Trust Bank branches in Garki are not dispensing the old notes. Even if you come tomorrow I can’t guarantee you that we would have the cash to dispense,” an official told PREMIUM TIMES. Since the Supreme Court ruling on Friday, the CBN and the Nigerian government have not reacted to the new development. However, other banks in Lagos and the FCT paid their customers the old naira notes. A seven-member panel of the court, led by John Okoro, unanimously ordered the CBN to continue receiving the old notes from Nigerian citizens. CBN last December introduced new N200, N500 and N1,000 notes by withdrawing the old notes from circulation.

The Central Bank of Nigeria said that both old and new notes are now legal tender. The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin.

We just want to make life easy for Nigerians.” Anyone banks give to you, you can collect. They are all legal tender.

Customers of a commercial bank in Ibadan, yesterday, rejected the old 500 and 1000 old Naira Notes paid to them over the counter by officials of the banks ...

“I also made a withdrawal of 30,000 naira old notes but unfortunately I became stranded when I wanted to pay an okada rider and he rejected it. A staff of the commercial bank in Ibadan who spoke with Vanguard on the condition of anonymity said the customers rejected the old notes at her branch, claiming that the apex bank, Central Bank Of Nigeria, CBN has not given an official statement on the supreme court judgement to Nigerians. Customers of a commercial bank in Ibadan, yesterday, rejected the old 500 and 1000 old Naira Notes paid to them over the counter by officials of the banks for the fear of the old notes not being accepted as legal tender.

The apex bank said it had mopped up over N2 trillion of the old currency. They should bring out that money through the banking system."

[Politics](https://gazettengr.com/pdp-members-thousands-of-supporters-defect-to-apc-in-katsina/) [Rights](https://gazettengr.com/ganduje-pardons-12-inmates-on-death-row-in-kano/) [Politics](https://gazettengr.com/katsina-youths-pledge-to-deliver-over-2-million-votes-to-atiku/) We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages. According to him, cashless policy and financial inclusion are gradual processes which require time for the banks to improve their capacity and infrastructure. “The apex bank said it had mopped up over N2 trillion of the old currency.

Human Rights Activist and Legal Practitioner, Inibehe Effiong, has described the silence of President Muhammadu Buhari and the Central Bank of Nigeria on ...

He added that he was at a loss as to why the Federal Government of Nigeria has not made a pronouncement on compliance with the judgment of the Supreme Court of Nigeria. He added that the certified True Copy of the Judgment of the Supreme Court should have been served on the Attorney General of the Federation who will in turn notify the Central Bank of Nigeria as the Chief Law officer of the Federation. Human Rights Activist and Legal Practitioner, Inibehe Effiong, has described the silence of President Muhammadu Buhari and the Central Bank of Nigeria on the Naira Redesign Judgment by the Supreme Court as concerning.

CBN Non-Compliant with Supreme Court Ruling on Old Naira Notes Due to Delay in Obtaining Certified True Copy (CTC) of Judgment.

To play safe, they accept the old notes. Efforts are reportedly ongoing to obtain the CTC from the Supreme Court. - The apex bank was able to mop up N1.78 trillion from the hands of the public with its monetary policies, reducing the currency outside the vaults of the banking system from N2.57 trillion recorded as of December 2022 to N788.92 billion. - According to central bank data for January 2023, currency outside banks, which represents the total currency in the hands of the public, fell to a record low of N788.92 billion. - Mercy, a customer of a bank who spoke to Nairametrics on Tuesday stated that her account officer had informed her to come and collect N5,000 in old naira notes as the bank was now paying. The Central Bank of Nigeria is unable to comply with the recent Supreme Court ruling requiring the reintroduction of the old naira notes due to its inability to obtain the Certified True Copy (CTC) of the court’s judgment.

Abdulmumin stated that commercial banks have already started issuing both the old and new notes to customers, but the CBN has yet to issue an official statement ...

[](https://nnn.ng/#:~:text=travel blogger outreach to hotel) [](https://nnn.ng/hausa/#=apa hausa) [](https://nnn.ng/i/#=website link shortner) In conclusion, the CBN has confirmed that both old and new Naira notes are legal tender, and commercial banks have already begun issuing both types of notes to customers. [Nigeria](https://nnn.ng/tag/nigeria/) ( [CBN](https://nnn.ng/tag/cbn/)) has confirmed that both old and new [Naira](https://nnn.ng/naira-black-market-exchange-rate-today/) notes are now legal tender. [Lagos](https://nnn.ng/tag/lagos/) have begun issuing the old notes to customers. The Supreme Court ruling has prompted the CBN to clarify the status of the old notes to ensure that the transition to the new notes is as smooth as possible.