Commercial banks have been obligated by the Central Bank of Nigeria (CBN) to collect old N500 and N1,000 naira notes from clients.
According to the statement, the Supreme Court’s directive makes the old notes legal tender.
Banks have started issuing old and new notes to customers at their various Automated Teller Machine (ATM) terminals and over the counter, according to CBN spokesman Isa Abdulmumin.
Although the CBN had not yet made an official statement on the subject, he claimed that Nigerians could still spend and amass old and new notes in accordance with the Supreme Court’s decision.
The spokesman told The Cable that banks are honoring old and new notes. Each of them is legitimate money.
“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We want to make life easy for Nigerians.”
Abdulmumin was concerned over the continued rejection of the old notes by some traders and transporters.
The CBN spokesman said the old notes should not be rejected as they are still a valid means of exchange.
He added: “No. They can’t reject it. It’s all legal tender.”
