A banker who spoke with our correspondent was quoted as saying that the directive to begin paying the old notes in their vault was from their management.
She added, “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.”
Recall that a seven-member panel of justices presided over by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council and the National Council of State and other stakeholders, was unconstitutional.
The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.