There has been nation wide confusion in the financial sector, following the Supreme Court judgement extending their legal tender status till December 31st 2023 and CBN’s continued silence.
Banks have said that they cannot commence re-issuance of the old notes until they are directed to do so by the CBN. While stakeholders including bank customers, financial analysts and business owners have called for immediate re-issuance of the old naira notes in compliance with the Supreme Court.
Several banks officials speaking to Vanguard Money Digest indicated that their banks would comply once they get a directive from CBN.
An official working with Access Bank who spoke on condition of anonymity said the banks would obey what CBN says, not the Supreme Court.
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.
On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.
Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.
But another bank official who also pleaded to remain anonymous, told Vanguard Money Digest that in spite of the directive, the old notes have not been made available to the bank.
In his words, “We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”
Corroborating, another banker stressed that the old Naira notes are no longer in their possession, adding that if the CBN makes it available to banks they will start paying their customers.