The apex bank has remained mute days after the Supreme Court invalidated the Central Bank of Nigeria’s Naira redesign policy.
Several commercial banks, though, have begun paying their clients in old N500 and N1000 notes.
Several banks, however, claimed that they only take old Naira notes from clients who have completed the CBN’s cash swap form.
A regional manager for a premier commercial bank claimed that the CBN is yet to issue a direction about the Supreme Court’s decision validating the old naira notes.
He disclosed that on March 20, 2023, the apex bank would meet with banks to discuss the issue.
“Our branches are using the CBN’s cash swap forms to collect old notes from consumers, but to my knowledge, we do not pay customers using old N500 and N1000 notes. According to the information I have received, CBN intends to meet with us by March 20,” he said.
The nation’s capital’s shopkeepers, business owners, and drivers have all refused to accept the old naira notes, which has caused evident uncertainty.
The previous N500 and N1000 notes are not accepted, according to Mr. Idris Adamu, a business owner at Wuse market.
“Nobody is accepting the old naira notes here. I can tell you this authoritatively. Do you expect us to collect it when banks are not accepting it?” he said.
The Central of Nigeria has remained silent amid the uncertainty.
The federal government was required by the Supreme Court to let the old notes continue to be used until December 31.