Only CBN Has Authority to Give Directives on Old Naira Notes – Banks

Banks in Nigeria have refused to commence the re-issuance of the old Naira notes, despite the ruling of the Supreme Court. The banks have stated that they cannot issue the old notes until they receive a directive from the Central Bank of Nigeria (CBN).

One banker revealed that the old notes were no longer in their possession but with the CBN and would only be available to customers when the CBN releases them. However, stakeholders, including bank customers, financial analysts, and business owners, have called for immediate compliance with the Supreme Court ruling and the re-issuance of the old Naira notes.

An official from Access Bank stated that banks in Nigeria are heavily regulated and would only listen to what the CBN says, not the Supreme Court. The official also revealed that the CBN reports to the President, and any action taken by the CBN would be a directive from the President.

Another bank official from Keystone Bank echoed this sentiment, saying that they could not do anything contrary to the CBN’s directive and that they were waiting for more updates from their management after a meeting on Monday.

However, despite the directive, another bank official, who preferred to remain anonymous, revealed that the old notes had not been made available to the bank. The official also stated that the CBN must send a circular before implementing any directive.

Bank customers who still possess the old Naira notes have been unable to deposit them, as most banks have refused to pay out the new Naira notes. Olamide, an engineer, revealed that he had over N200,000 of the old notes and had been unable to deposit them in the bank.

Lanre, an importer, expressed his skepticism about implementing the Supreme Court stating that court orders had not been obeyed in the past directive, stat. He also pointed out that two sides were giving counter orders—the President and the Supreme Court—and that the public would only accept the directive if it were backed up by the President.

In conclusion, despite the Supreme Court’s ruling, the re-issuance of the old Naira notes remains uncertain. The banks are waiting for a directive from the CBN, and customers who possess the old notes are unable to deposit them.