Commercial banks are still insisting that customers deposit their old N200, N500, and N1,000 banknotes by the Central Bank of Nigeria’s February 10th deadline despite a halt to the process by the Supreme Court.
Emails sent to customers by banks such Stanbic IBTC, Union Bank, Access Bank and other financial institutions warned them to make deposits before the expiration date or else these naira notes would no longer be legal tender.
The banks didn’t address the Supreme Court ruling in their emails and believe they don’t need to since they weren’t joined in the case filed by Kogi, Kaduna and Zamfara States.
Even with this judicial order obstructing the CBN’s directive regarding expiring denominations, banks are still encouraging customers to comply with its deadlines regardless.
Article updated 2 days ago. Content is written and modified by multiple authors.
