Only CBN can give us directives on old Naira notes, not Supreme Court — Banks

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Despite the Supreme Court‘s decision, banks have stated that they will not begin re-issuing until directed to do so by the Central Bank of Nigeria, .

 

In fact, a banker stated that the old Naira notes were no longer in their possession, but were with the CBN and would be available to customers once the CBN released them.

 

Meanwhile, stakeholders such as bank customers, financial analysts, and business owners have demanded that the old Naira notes be reissued immediately in accordance with the Supreme Court’s order.

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Some bank officials told Newsmen that they would comply once the CBN issued such directive.

 

 

According to one Access Bank official who spoke on the condition of anonymity, the banks will follow what the CBN says rather than what the Supreme Court says.

 

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“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says,” he says. Despite the Supreme court ruling, we still need to hear from our regulator,” he said.

 

 

On whether the central bank will obey, he stated that the CBN reports to the President and that the President has made a decision on the matter.

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“We are all aware of what the President has said on the subject. The CBN is directed by the Presidency. “I am confident that any action taken by the CBN would be in response to a directive from the President.”

“We can’t do anything contrary to CBN,” said another bank official from Keystone Bank.

“They will direct what happens next, and we will most likely get more updates from our management when they meet on Monday.”

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‘We don’t have any old notes,’ says the clerk.

However, another bank official, who also requested anonymity, told Vanguard that the old notes had not been made available to the bank despite the directive.

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“We don’t have the old notes, and we’re not answerable to the Supreme Court,” he says.

“Before we can implement any directive, the CBN must issue a circular.”

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Another banker agreed, saying that the old Naira notes are no longer in their possession and that if the CBN makes them available to banks, they will begin paying their customers.

However, Olamide, an engineer, stated that he has over N200,000 in old notes and has been contemplating how to deposit them in a bank.

 

“My business has not been unsteady since the policy,” he says. Most banks have refused to pay the to Nigerians, citing a lack of cash in their vaults.”

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Lanre, an importer, stated that in the past, court orders were not followed, and thus the Supreme Court’s directive may not be implemented.

 

“Initially, when the Supreme Court issued the order and the President of the country issued a counter directive saying that the old N200 should continue to be in circulation, it appeared that the public chose to go with the President’s directive rather than the Supreme Court,” he says.

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“In this case, there are two opposing parties issuing counter-orders: the President and the Supreme Court. The Supreme Court has now ruled that those currencies must remain valid until December 31st.

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“The only way the average market woman, artisans, and transporters will feel comfortable and accept it is if the President backs it up.”

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