The banks in Abuja and Lagos are gradually obeying the Supreme Court order to issue old N200, N500 and N1,000 notes.
Many banks in the city centre and satellite towns have started complying with the order.
Over the counter, the banks issued cash to their customers ranging from N5,000 to N20,000 depending on the bank.
While the banks are issuing the old notes across their counters, many Automated Teller Machines (ATMs) are not dispensing cash.
No bank was ready to give an explanation on the development.
Traders in Abuja have also started accepting the old notes for transactions.
TheNewsGuru.com (TNG) reports that following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria (CBN) currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.
Guaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the old notes in Abuja and Kano.
A banker who spoke with Daily Trust was quoted as saying that the directive to begin paying the old notes in their vault was from their management.
She added, “The problem is that taking the old notes from customers will require the CBN form 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 old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council and the National Council of State and other stakeholders, was unconstitutional.
The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.
