Commercial Banks across the country have started partial compliance with the Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender till the end of 2023.
The Supreme Court had, last week stated that the Federal Government’s naira redesign policy contravened the 1999 Constitution and ordered that the old naira notes should be allowed in circulation along with the new notes until December 31, 2023.
Neither the Central Bank of Nigeria, nor the Federal government has said anything concerning the judgement till date.
Several bank branches in Lagos, Abuja and other major cities revealed that some banks had commenced compliance with the Supreme Court order.
The CBN and the AGF office had refused to comply with previous orders by the Supreme Court on the controversial naira redesign policy.
Among others, the Supreme Court had on February 8, 2023 nullified the February 10 deadline stipulated by the CBN for the phasing out of the old naira notes.
The challenge faced by ordinary citizens however is the scepticsm and hesitation by vendors to accept the re-introduced notes for fear of being stuck with them.
