This is despite a Supreme Court ruling stopping the Central Bank of Nigeria (CBN) from implementing the February 10, 2023 deadline for swapping of old Naira notes for the newly redesigned Naira notes.
Most banks customers were confused on Monday as commercial banks rejected the old Naira notes they wanted to deposit.
This is despite a Supreme Court ruling stopping the Central Bank of Nigeria (CBN) from implementing the February 10, 2023 deadline for swapping of old Naira notes for the newly redesigned Naira notes.
“I went to First bank in Akute and I was told by bank officials that they are not collecting the old money, only New notes, even the pos operator beside my house called someone she knows in first and she was told they are not collecting the old notes,” a bank customer told SaharaReporters.
Some Nigerians also took to social media platforms to condemn the actions of the banks.
Some states had also challenged the naira redesign policy in court.
In a Suit Number: SC/CS/200/2023, the states asked the apex court to declare that the President of Nigeria, cannot unilaterally direct the Central Bank of Nigeria to recall the new N200, N500 and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.
They also prayed a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic wellbeing of over 20 million of its citizens.
The applicants also sought mandatory order, compelling the Federal Government to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria.
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