Abuja, Lagos banks settle for previous 500 and 1000 naira notes

Abuja, Lagos banks settle for previous 500 and 1000 naira notes


The banks in Abuja and Lagos are step by step obeying the Supreme Court docket order to challenge previous N200, N500 and N1,000 notes.

Many banks within the metropolis centre and satellite tv for pc cities have began complying with the order.


Over-the-counter, the banks issued money to their clients starting from N5,000 to N20,000 relying on the financial institution.

Whereas the banks are issuing the previous notes throughout their counters, many Automated Teller Machines (ATMs) usually are not meting out money.

No financial institution was prepared to present an evidence on the event.

Merchants in Abuja have additionally began accepting the previous notes for transactions.

TheNewsGuru.com (TNG) reviews that following the Supreme Court docket judgment, which prolonged the validity of the Central Financial institution of Nigeria (CBN) forex redesign coverage to December 31, some banks throughout the nation have began paying out the previous N500 and N1,000 notes to clients.

Warranty Belief Financial institution, Polaris Financial institution and another banks had been on Monday confirmed to be meting out the previous notes in Abuja and Kano.

A banker who spoke with Each day Belief was quoted as saying that the directive to start paying the previous notes of their vault was from their administration.

She added, “The issue is that taking the previous notes from clients would require the CBN kind as we don’t have any directive in that regard.”

Recall {that a} seven-member panel of justices presided over by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the CBN for the redesigning and withdrawal of previous notes of N200, N500 and N1,000, with out session with the states, the Federal Govt Council and the Nationwide Council of State and different stakeholders, was unconstitutional.

The apex courtroom noticed that no affordable discover was given earlier than the implementation of the coverage as supplied below the CBN Act.


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