BREAKING NEWS: Banks start payment of old N500, N1,000 notes

Following the Supreme Court judgment, which prolonged the validity of the Central Financial institution of Nigeria currency redesign coverage to December 31, some banks throughout the nation have began paying out the outdated N500 and N1,000 notes to prospects.

On Monday, it was revealed that, “the outdated notes have been nonetheless being issued in Kano and Abuja by Guaranty Trust Bank, Polaris Bank, and some different banks.”……Continue Reading

In accordance with our correspondent, “A banker who spoke with Day by day Trust was quoted as claiming that administration gave the order to start out paying the outdated notes of their vault.”

The problem is that since we don’t have any steerage in that space, taking the outdated notes from shoppers would require the CBN kind.” She stated.

Recall {that a} seven-member court, presided over by Justice Inyang Okoro, dominated on Friday that, “it was unconstitutional for President Muhammadu Buhari to order the Central Financial institution of Nigeria (CBN) to revamp and withdraw the outdated N200, N500, and N1,000 notes with out first consulting the states, the Federal Government Council, the Nationwide Council of States, and different related events.”

“The supreme courtroom famous that no sufficient warning had been given previous to the coverage’s implementation as required by the CBN Act.” Source added…..Continue Reading