1 min read

Commercial Banks Begins Skeletal Re-Circulation of Old Naira Notes in Ilorin

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.

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

Leave a Reply

Your email address will not be published.

Previous Story

President Buhari Seeks Preferential Market Access for Least Developed Countries

Next Story

IWD: Nigeria has Over 7m Malnourished Girls, Women of Reproductive Age – UNICEF