Supreme Court: Only CBN Can Direct Us On Old Naira Notes — Banks

Notwithstanding the Supreme Court’s decision, banks claim they cannot start issuing the old Naira notes until they receive a directive from the Central Bank of Nigeria, CBN.

The old notes, according to a banker, were actually no longer in their hands; instead, they were with CBN, and they would be made available to clients whenever CBN released them.

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In the meantime, stakeholders like bank clients, financial experts, and company owners have demanded that the old Naira notes be immediately reissued in accordance with the Supreme Court.

Some banks’ officials told Vanguard that the banks would comply once they get a directive from CBN.

Objectv Media was informed by several bank officials that the banks would comply as soon as they received a direction from CBN.

Under the condition of anonymity, a representative of Access Bank stated that the banks will follow CBN directives rather than Supreme Court orders.

“Banks in Nigeria are subject to strict regulation, and we only take the CBN’s advice. We still need to hear from our regulator, despite the Supreme Court’s decision,” he said.

On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.

“Everyone is aware of the President’s comments on the subject. The Presidency issues directives to the CBN. Any decision made by CBN would undoubtedly be pursuant to a presidential directive.

“We can’t do anything that would be against the CBN,” according to a different bank representative from Keystone Bank.

“They will decide what happens next, and when they meet on Monday, we’ll probably start receiving additional updates from our management.

‘We don’t have any outdated notes.’

Nevertheless, according to a second bank official, who also begged to remain unnamed, the old notes have not been provided to the bank despite the order.

He stated: “We don’t have the old notes, and the Supreme Court is not responsible for us.

Before we may put any directive into effect, the CBN must send a circular.