The Central Bank of Nigeria (CBN) has remained silent days after the Supreme Court nullified its Naira redesign policy. However, according to a report, commercial banks have started paying their customers old N500 and N1000 naira notes.
At Guarantee Trust Bank, customers have been paid in old Naira notes, according to Mr Ibrahim Dauda, a commercial bank customer, who was paid 10,000 in old N500 notes. He said other customers were also born in senior notes.
However, some other banks only collect old Naira notes from customers who have filled out the CBN’s cash swap form. While there is palpable confusion as traders, business owners, and motorists in the nation’s capital refuse to collect the old Naira notes, the CBN has not issued any directive, leaving banks, traders and the business community waiting for the following line of action.
Mr Patrick Oluefemi, a resident of Abuja, said the Supreme Court verdict had stayed the same, as the new and old currencies are not available.
USSD and Internet banking are not reliable options, he added. Several transactions were unsuccessful, and connections failed, causing much frustration.
A financial expert, Gbolade Idakolo, said the CBN’s silence on the Supreme Court verdict has caused anxiety among the populace and business community.
Despite the Supreme Court judgment, many businesses and traders have not accepted the old notes because they await directives from the CBN or the President.
