Banks Start Paying Nigerians Old 500, 1000 Naira Notes

Some Deposit Money Banks (DMO) have started issuing out old N500 and N1000 notes to their customers in line with the Supreme Court ruling.

Naija News recalls that a seven-member panel of the Supreme Court had last Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31.

The apex in its ruling also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

According to Daily Trust, checks showed that some commercial banks in the City of Kano and Abuja have commenced paying out the old N500 and N1000 notes.

While some branches of Guarantee Trust Bank (GTB) issued out old notes, some others like Polaris bank in Abuja had not commenced as of the time this report was filed.

Sources at GTB told the publication that they received a directive from their management to begin paying old notes in their vault.

“The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard,” the source said.

It is however yet-to-be confirmed if the CBN had officially issued a bank-wide circular instructing the Deposit money bank to comply with the Supreme Court ruling.