Commercial banks in different parts of the country on Monday resumed issuance of the old N500 and N1000 notes to customers over the counter and through their Automated Teller Machines (ATM).
The move comes against the backdrop of the Supreme Court ruling on the naira redesign policy of the Central Bank of Nigeria (CBN) which compelled banks to issue the old notes to Nigerians.
On Friday, the Supreme Court ruled that the Central Bank of Nigeria (CBN) must extend the use of old banknotes until 31 December due to the negative impact of the policy. A seven-member panel of the court, led by John Okoro, unanimously ordered the CBN to continue receiving the old notes from Nigerian citizens.
