CBN approves issuance of old N500, N1000 Notes by banks

By allcitynews.ng

There have been confusion since yesterday in most parts of in the country as some commercial banks, apparently not able to cope with volume of dissatisfied customers have resumed the issuance of the old N500 and N1000 denominations.

The move followed a Supreme Court judgement, which extended the validity of the banknotes till December 31, 2023.

Allcitynews.ng noted that though most customers refused to accept the old N500 and N1000 old notes based on the silence of PMB or CBN in it, however were forced to accept the issuance of the old banknotes, following the nonavailability of new Naira notes. Most people are confused on what next step to take as PMB and CBN hitherto refused to come out with public announcement on it.

An intra-state trader who came from Ore, in Ondo State lamented that nobody is accepting the old notes which she collected from a bank in Lagos before embarking on the business trip.

It would be recalles that the Supreme Court’s ruling, on 3 March 2023, both PMB and the Apex governor have been keeping silence on it while the public waiting for further clarification or directive have refused accepting the old notes

In Lagos, Access Bank, Zenith Bank, etc have brought back the old notes to please their customers who are daily besieging the banks for new notes.

Most PoS operators lamenting nonavailability of new notes have closed shops while only few in Ketu Market in Lagos had only old notes to whoever wants as at Wednesday March 8, 2023.

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