NewStats: 3,265,064 , 8,185,515 topics. Date: Friday, 13 June 2025 at 10:38 AM 1c5pv

Some commercial banks in Lagos have started issuing the old naira notes to customers at their various automated teller machines (ATMs) terminals and over the counter.

The development is in compliance with the new directive of the supreme court, extending the validity period of the old notes to the end of the year.

Following the controversy that trailed the naira redesign policy of the Central Bank of Nigeria (CBN) from October last year, several states sought the supreme court’s intervention in extending the validity of the old N200, N500, and N1, 000 notes.
On February 8, the court restrained the CBN from enforcing the February 10 deadline following an ex parte application brought by the states.

It later insisted that the old notes remained legal tender while adjourning the hearing of the case brought against the CBN on the policy on February 15.

Setting a new deadline in its final judgement on the matter last week, the apex court ruled that the old N200, N500, and N1,000 notes should continue as legal tender until December 31, 2023.

Checks by TheCable on Tuesday show that some commercial banks have stated to comply with the court order, despite silence from the CBN and President Muhammadu Buhari.

It was observed that a Zenith Bank branch in Festac Town paid out the old notes to customers over the counter.

“It has been approved by CBN for circulation till December 31 and that’s why we can dispense to our customers,” a bank official said.

Another bank official said the branch had “received orders to begin dispensing old notes to our customers”.

The ATMs at the branches of the United Bank for Africa (UBA) close to Agege-Pen Cinema Bridge, and Guaranty Trust Bank (GTB) in the Ikeja area Lagos, were also dispensing the old notes when TheCable reporters visited.

Isa Abdulmumin, CBN spokesperson, said both the old and new notes are legal tender and banks are currently issuing to customers.

However, he said the CBN was yet to issue an official statement on the matter.
“Banks are paying old notes as well as new notes. They are all legal tender,” he said.
“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin expressed concern on the continued rejection of the old notes by some traders and transporters.

He said the old notes should not be rejected as they are still a valid means of exchange.

“No. They can’t reject it. It’s all legal tender,” he said.

https://www.thecable.ng/it-has-been-approved-by-cbn-banks-begin-dispensing-old-n500-n1000-to-customers/amp

Traders are still rejecting it. CBN should issue a statement about this.

Does it mean that bank will give me my tomorrow if I go there?

I can bet my Ball that, only the criminals both those in Power and the Bandits that are still in possession of the Old Note in Bulk.

Fahdiga:
Traders are still rejecting it. CBN should issue a statement about this.

if banks are issuing it, why should traders reject it?
This country sef too like wahala and suffering.
Seun please push to better audience.

The heading says one thing, the body of the message says something different. CBN should just take a stand already.

Left for me, let them release the old notes they kept in their custody since, the masses have really suffered enough. Nigeria ain’t ready to go cashless yet. Common free and fair election we can’t achieve and they’re thinking of having a cashless society.

The whole Naira Swap confiscation scheme was complete nonsense.

Though some people are still rejecting the notes, but that will certainly end by tomorrow when the info would have gone round.

What else
The purpose has been defeated

Bola TINUBU has emerged as president elect against all odds

Very confused people.

I wrote here yesterday that CBN and fg won't make any statement concerning the return of old naira notes. Banks are going to quietly start using it as a legal tender until the old notes recirculate back into the society.

I do not understand why these petty traders are rejecting the old notes. They refuse to accept transfer and also do not have pos terminal that will enable card use. The national orientation agency should educate these folks if they intend to push the cashless policy. Also the banks should upgrade their system. Imagine I bought and paid through transfer for some items but payment was completed after 9 hrs. They should make things seemless.

Out banks should introduce stripe cards. This chip na waste of time

When you were going to withdraw them,a statement was issued and altimatum was given.now you wanto reintroduce them informally.

Naira Redesign: Merits Of The Redesign Policy And Reasons The Old Notes Should Not Be Returned (Video)

The old notes were withdrawn from circulation by the federal government through the CBN, citing economic issues hampering Nigeria’s growth.

Nearly a month now the old notes were discontinued, we look at the merits of the new policy as well as the positive impacts of the new withdrawal limits in the country, whilst acknowledging the resultant difficulties experienced by Nigerians who are yet to adjust.

https://www.youtube.com/watch?v=x1ACuJfGVl0

Good news to all

All these incongruent conflicting financial policies is simply because of vexed power interests.

Hmmmmmm

How true is this? Thru back door. Lol. Emiefele should do live broadcast and buhari also.

jumper524:
if banks are issuing it, why should traders reject it?
This country sef too like wahala and suffering.
Seun please push to better audience.

You don't have to blame the traders. Have you forgotten that this Buhari's regime is not always straight forward with important issues. They do try and error in everything. In a serious government both Buhari and the CBN should have issued a statement after the supreme court ruling to clarify everything but have you heard anything from them? No one wants to be at a loss in case of anything. Buhari is a disaster.

All the way up

This is truly the end of Emefiele. I trust Tinubu, he won't spare him for putting this country in turmoil through naira redesign. He will vommit all he has stolen from the treasury.

EVEN OBI DOGS ARE HAPPY NOW BECAUS DEM TOO DON SUFFER THE POLICY DEM …

NA EVERYONE SUFFER THIS CASHLESS POLICY

Buhari the hopeless failure

Finally going down in history:

Buhari is a complete and all-round failure

If you collect old note you are on your own

Cbn need to make official statements

After suffering the masses

I CBN saying they have burnt all the old N1000 and N500 notes.

No

Good

But people are rejecting it...nawa oo.

Buhari and APC = Disaster.
No food, No light, struggle here and there.
See Nigerians struggling to enter banks, struggling to get petrol at higher price.

How much was petrol when APC took over, No sector is working, the system ain't working.

Fahdiga:
Traders are still rejecting it. CBN should issue a statement about this.

Useless Buhari should actually be the one to issue statement, afterall he was quick to jump at the camera to inflict this pain on Nigerians

Useless after wrecking people business, excess waste on withdrawal funds thereby sending many homes to bankruptcy. They now came out with useless continue spending rendering POS owner wealthy. I will never withdraw from some Pos agent even if they charge 50 naira. I know the one who cares and don't care after the turbulent months

loosecanon50:
The heading says one thing, the body of the message says something different. CBN should just take a stand already.

Left for me, let them release the old notes they kept in their custody since, the masses have really suffered enough. Nigeria ain’t ready to go cashless yet. Common free and fair election we can’t achieve and they’re thinking of having a cashless society.

After Saturday definitely.