Banks resume giving out old naira notes.
Just recently, the supreme court has given orders to extend the validity of the old naira notes. As we speak, the old naira notes are still legal tender and valid till the end of 2023.
Recall that the new naira notes which were dispensed at the beginning of the year made the old notes only valid until the 31st of January where everyone was expected to drop their old notes at the banks. Eventually this date was extended till February and now till the end of the year as stated by the court.
The newly designed notes were only N200, N500 and N1000 notes.
At some point, there was no money in circulation either new or old which forced people to make use of online transfers which also proved to be a problem.
Now, the old notes are being issued at banks, especially Lagos banks. Thus it was claimed to make people's lives easier since the new money wasn't in proper circulation.
Initially, the central bank of Nigeria was silent on this for some time but some banks in Abuja were rumored to have begun dispensing.
Now, banks in Lagos have also begun to dispense the old note to their customers at the approval of the Central Bank of Nigeria (CBN) even though they haven't released a statement officially.
It is known that some of the banks are dispensing both old naira and new naira at the moment.
Some people have laid complaints of some traders who have refused to collect the old not but with time it would go back to how it was.
Just recently, the supreme court has given orders to extend the validity of the old naira notes. As we speak, the old naira notes are still legal tender and valid till the end of 2023.
Recall that the new naira notes which were dispensed at the beginning of the year made the old notes only valid until the 31st of January where everyone was expected to drop their old notes at the banks. Eventually this date was extended till February and now till the end of the year as stated by the court.
The newly designed notes were only N200, N500 and N1000 notes.
At some point, there was no money in circulation either new or old which forced people to make use of online transfers which also proved to be a problem.
Now, the old notes are being issued at banks, especially Lagos banks. Thus it was claimed to make people's lives easier since the new money wasn't in proper circulation.
Initially, the central bank of Nigeria was silent on this for some time but some banks in Abuja were rumored to have begun dispensing.
Now, banks in Lagos have also begun to dispense the old note to their customers at the approval of the Central Bank of Nigeria (CBN) even though they haven't released a statement officially.
It is known that some of the banks are dispensing both old naira and new naira at the moment.
Some people have laid complaints of some traders who have refused to collect the old not but with time it would go back to how it was.