Only CBN can direct us on old Naira notes — Banks

Notwithstanding the Supreme Court’s decision, banks claim they cannot start issuing the old Naira notes until they receive a directive from the Central Bank of Nigeria, or CBN.

The old notes, according to a banker, were actually no longer in their hands; instead, they were with CBN, and they would be made available to clients whenever CBN released them.

As a result of the Supreme Court’s order, stakeholders such as bank clients, financial analysts, and company owners have asked for the prompt reissue of the old Naira notes.

Vanguard was informed by several bank officials that the banks would comply as soon as they received a direction from CBN.

Under the condition of anonymity, a representative of Access Bank stated that the banks will follow CBN directives rather than Supreme Court orders.

“Banks in Nigeria are subject to strict regulation, and we only take the CBN’s advice. We still need to hear from our regulator, despite the Supreme Court’s decision,” he said.

He claimed that the President, who the CBN answers to, has made a decision about whether or not the apex bank will comply.

We are all aware of the President’s remarks on the subject. The Presidency issues directives to the CBN. Any decision made by CBN would undoubtedly be pursuant to a presidential directive.

We can’t do anything that would be against the CBN, according to a different bank representative from Keystone Bank.

They will decide what happens next, and when they meet on Monday, we will likely start receiving further updates from our management.

We don’t have any outdated notes,

Nevertheless, according to a second bank official, who also begged to remain unnamed, the old notes have not been provided to the bank despite the order.

He stated: “We don’t have the old notes, and the Supreme Court is not responsible for us.

Before we may put any directive into effect, the CBN must send a circular.

Under the condition of anonymity, a representative of Access Bank stated that the banks will follow CBN directives rather than Supreme Court orders.

“Banks in Nigeria are subject to strict regulation, and we only take the CBN’s advice. We still need to hear from our regulator, despite the Supreme Court’s decision,” he said.

He claimed that the President, who the CBN answers to, has made a decision about whether or not the apex bank will comply.

“Everyone is aware of the President’s comments on the subject. The Presidency issues directives to the CBN. Any decision made by CBN would undoubtedly be pursuant to a presidential directive.

We can’t do anything that would be against the CBN, according to a different bank representative from Keystone Bank.

They will decide what happens next, and when they meet on Monday, we’ll probably start receiving additional updates from our management.

In agreement, a second banker emphasized that they were no longer in possession of the old Naira notes and said that if the CBN made them available to banks, they would begin paying their clients.

Engineer Olamide, however, claimed to have over N200,000 in old notes and to be considering how to deposit them in the bank.

In his own words: “Since the policy, my business has not been unstable. Nigerians frequently complain that their banks lack cash and that most banks have refused to pay them in the new naira notes.

Importer Lanre said that because previous court decisions had not been followed, the Supreme Court’s directive might not be put into effect.

He claims that initially, when the Supreme Court made its order and the President of the country countered by stating that the old N200 should remain in circulation, it looked that the public had chosen to follow the President’s directive rather than the Supreme Court’s.

The President and the Supreme Court are the two parties issuing contradictory orders in this case. The Supreme Court has since ruled that the currencies must remain in circulation till December 31.

“Only if it is supported by the President will the typical market woman, the artisans, and the transporters feel comfortable and accept it.”