By Toyin Saheed
Commercial Banks in Ilorin the Kwara State capital have begun partial compliance with the Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender for 10 months.
Our Correspondent Toyin Saheed, who went round the Ilorin metropolis reports that commercial banks had begun partial compliance with the order even though the Central Bank of Nigeria and the Office of the Attorney General of the Federation kept mum on the matter.
Alhtough majority of the banks visited are paying the new naira notes only FCMB is paying its customers the sum of 5,000 naira across the counter.
One of the bank officials who spoke on condition of anonymity to our Correspondent Toyin Saheed, said they have gotten directive from CBN to pay out the old naira notes but they would not accept it until the deadline date, 31st of December, 2023.
The Supreme Court had, last week ordered that the old naira notes should be allowed in circulation along with the new notes until December 31, 2023.
The court had said the Federal Government’s naira redesign policy contravened the 1999 Constitution.
Commercial Banks Begins Skeletal Re-Circulation of Old Naira Notes in Ilorin
