{"id":103489,"date":"2023-03-06T19:36:49","date_gmt":"2023-03-06T18:36:49","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=103489"},"modified":"2023-03-06T19:36:49","modified_gmt":"2023-03-06T18:36:49","slug":"banks-begin-payment-of-old-n500-n1000-notes","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/banks-begin-payment-of-old-n500-n1000-notes\/","title":{"rendered":"Banks begin payment of old N500, N1,000 notes"},"content":{"rendered":"
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Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.<\/div>\n
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\nGuaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the old notes in Abuja and Kano.<\/p>\n

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.<\/p>\n

She added, \u201cThe problem is that taking the old notes from customers will require the CBN form as we don\u2019t have any directive in that regard.\u201d<\/p><\/div>\n

\nMeanwhile, CBN had not officially issued a bank-wide circular instructing the Deposit money bank to comply with the apex court judgment neither has the presidency reacted to the ruling.<\/p>\n

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.<\/p>\n

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Following the Supreme Court judgment, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out…<\/p>\n","protected":false},"author":1,"featured_media":103490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-103489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nBanks begin payment of old N500, N1,000 notes - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/banks-begin-payment-of-old-n500-n1000-notes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks begin payment of old N500, N1,000 notes - 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