Only CBN Can Direct Us On Old Naira Notes — Banks

Notwithstanding the ruling of the Supreme Court, banks have said they cannot commence re-issuance of the old Naira notes until they are directed to do so by the Central Banks of Nigeria, CBN.

In fact, a banker said the old notes were no longer in their possession, but with CBN and would be available for customers when CBN releases them.

Meanwhile, stakeholders including bank customers, financial analysts and business owners, have called for immediate re-issuance of the old Naira notes in compliance with the Supreme Court

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

One of the officials working with Access Bank, who spoke on condition of anonymity, said the banks would obey what CBN says, not the Supreme Court.

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

“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.”

Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN

They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.”

We don’t have old notes’

But another bank official, who also pleaded to remain anonymous, told Vanguard that in spite of the directive, the old notes have not been made available to the bank.

In his words: “We don’t have the old notes and we are not answerable to the Supreme Court.

“The CBN must send a circular before we can implement any directive.”
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