Stakeholders in the financial sector and banks are divided over the re-issuance of the old naira notes following the Supreme Court judgment extending their legal tender status till December 31st, 2023.
While banks said they cant commence re-issuance of the old notes until they are directed to do so by the CBN, stakeholders including bank customers, financial analysts, and business owners have called for immediate re-issuance of the old naira notes in compliance with the
Supreme Court,
Some bank officials who spoke to newsmen said the banks would comply once they get a directive from CBN.
Under the condition of anonymity, a representative of Access Bank stated that the banks will follow CBN directives rather than Supreme Court orders.
“Banks in Nigeria are subject to strict regulation, and we only take the CBN’s advice. We still need to hear from our regulator, he remarked, despite the decision.
He claimed that the President, who the CBN answers to, has made a decision about whether or not the apex bank will comply.
“Everyone is aware of the President’s comments on the subject. The Presidency issues directives to the CBN. Any action taken by CBN would undoubtedly be pursuant to a presidential mandate.