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Naira Redesign: No Information On Supreme Court Ruling, Says CBN

There’s confusion among financial institutions and their customers as the Central Bank of Nigeria (CBN) has yet to issue instructions that they should comply with the reaffirmed ruling of the Supreme Court on Friday that the old N200, N500 and N1,000 notes should remain as legal tender until December 31.

Without any memo, making an official pronouncement from the CBN, commercial banks cannot act outside the last instruction by the apex bank that N20,000 will be the withdrawal limit for individual account holders, or that old N500 and N1,000 notes can be accepted from customers or dispensed to them.

The Supreme Court on Friday not only ruled that the old bank notes remain legal tenders, but that the N20,000 withdrawal limit, or any limitation for that matter, set by the apex bank was an act of illegality.

An official of the CBN told The Nation that the Communications Department has not been informed of any new developments on the Supreme Court judgement.

Asked when the CBN will start releasing old cash to banks, the official replied, “We don’t have that information”.

The latest withdrawal threshold, The Nation learnt, has put doubts in the minds of many Nigerians who prefer to save their money outside the banking system.


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