No Old Notes Yet From CBN": Banks Ration Cash as Supreme Court Suspends

 Wednesday, March 15, 2023 at 9:40 AM by Pascal Oparada Commercial banks have revealed why they have kept the withdrawal limit at N20,000 daily They say they are short of the old notes as they have not received any new allocation from the CBN Bank officials say they are not sure the apex bank still has the old notes in its vault PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! The Central Bank of Nigeria (CBN) is yet to release old notes to Deposit Money Banks in compliance with the Supreme Court order. The development may be considered odd because the apex bank has said it has mopped up many old notes in circulation. Central Bank of Nigeria Governor, Godwin Emefiele Credit: Bloomberg/Contributor Source: Facebook Banks wait for old notes from CBN The situation has disadvantaged commercial banks, as customers besiege them to demand cash. PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! RECOMMENDED FOR YOU Naira crisis drives Nigeria’s inflation rate to 17-year high, as CBN prepar... In a press release on Monday, March 13, 2023, CBN's spokesman, Isa Abdulmumin, stated that commercial banks in Nigeria had been asked to abide by the Supreme Court ruling of March 3, 2023, which extended the validity of old N200, N500, and N1000 notes to December 31 this year. The directive followed a statement by the Presidency which said President Muhammadu Buhari had asked the CBN Governor, Godwin Emefiele, and the Attorney General of the Federal, Abubakar Malami, not to obey the court order. But reports reveal that the bank has yet to receive the old notes from the apex bank, leading to them rationing cash. A banker with Ecobank, who spoke anonymously, told Legit.ng that they are yet to get any old notes despite CBN's directive. Bank staff stranded at CBN office waiting for old notes "This is 48 hours after CBN directives, but we have not received any allocations. Our staff has been at the CBN office since Monday, the same thing with other banks," she said. RECOMMENDED FOR YOU "NYSC favoured me": Shortest female corps member gets engaged to tallest 'c... She stated that the money being dispensed by Ecobank and other commercial banks was already in the banks' vaults. "We have kept these notes since February in anticipation of this sort of thing," she stated. When asked if she is sure the CBN would release the old notes, she said that feelers from the apex banks indicate that the old notes may have been destroyed. "What might happen is that CBN might reprint the old notes or issue the new ones as per the Supreme Court judgment." However, findings reveal that commercial banks have begun dispensing the old notes but have maintained CBN's approved withdrawal limits. Supreme Court nullifies CBN's cash withdrawal limit, calls it illegal Legit.ng earlier reported that the Supreme Court has said that the cash withdrawal limits set by the Central Bank of Nigeria (CBN) violate Nigerians' rights. The seven-man panel, which extended the validity of the N200, N500, and N1000 old notes, declared that the CBN was wrong in imposing the limit on Nigerians. According to a Premium Times report, the apex court stated this in the suit challenging the Federal Government's withdrawal of the old N200, N500, and N1000 banknotes from circulation. Source: Legit.ng Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news TAGS: CBN - CENTRAL BANK OF NIGERIAFEDERAL GOVERNMENT OF NIGERIAGODWIN EMEFIELE HOT: FASHION AND STYLE RUTH KADIRI ALEX EKUBO USMAN DANFODIO UNIVERSITY SHANLEY MCINTEE RECOMMENDED FOR YOU Naira crisis drives Nigeria’s inflation rate to 17-year high, as CBN prepar... 15 hours ago "NYSC favoured me": Shortest female corps member gets engaged to tallest 'c... 17 hours ago “Hand dey scratch baba”: Davido mistakenly posts video of him getting massa... 21 hours ago "Them go break all these tables": Portable unveils new look of his bar, DJ... 22 hours ago Fashion police slam asoebi ladies showing off their revealing dresses in tr... 21 hours ago CHECK MORE ARTICLES FOR YOU Read more LATEST 2023 presidential election: Atiku finally reveals why Peter Obi left PDP 6 minutes ago 2023 presidential election: Atiku finally reveals why Peter Obi left PDP 6 minutes ago 2023 guber poll: Reps member-elect speaks on Lagos election, way forward for APC, Sanwo-Olu 20 minutes ago "I am blessed": Oluwo of Iwo rejoices as he and wife welcome their first child 43 minutes ago 2023 presidential election results: State-by-state breakdown shows where Tinubu, Atiku, Peter Obi win and lose 46 minutes ago TRENDING FG gives breakdown of salary, allowances payments for Ad Hoc staff of 2023 population and housing census 11 days ago CBN bows to pressure, reintroduces N500, and N1000 Notes Into circulation after Buhari's statement 16 hours ago List of World Richest People in 2023: Dangote leads Africa, But Elon loses position to French billionaire a month ago Nigerian passport application gets more expensive as FG approves additional fees for NIN verification 2 days ago Supreme Court nullifies CBN's cash withdrawal limit, calls it illegal a day ago FG says almost 2 million Nigerians Get N5,000 monthly as poverty alleviation 12 days ago CBN issues phone number, email address to report PoS operators charging higher than approved rate 18 hours ago Lagos, Kano lead states in Nigeria with highest local government allocations as FG shares N2.02trn to LGs 7 days ago TOP STORIES "Eye service go kill una:" Nigerians react to video of Anita Joseph and husband praying sweetly together 19 hours ago Nasarawa progressive stakeholders raise alarm over massive plans for vote-buying, others 7 hours ago Baby with "big nose" becomes beautiful girl after 1 year, her transformation video stirs reactions 19 hours ago NSIA Prize for Innovation Call for Application Now Open 16 hours ago "Sorry": Thieves shave man's hair after finding nothing to steal in his house, photo of his look trends 15 hours ago MORE ABOUT OUR COMPANY About Us Our Authors Media Mentions Contact us Our Manifesto Advertise with us DMCA Removal Privacy Policy Terms and conditions Policies and standards Categories Tags Legit.ng Charity Do Not Sell My Personal Information SOCIAL MEDIA Facebook Instagram Twitter Telegram YouTube TikTok LinkedIn Hausa News Spanish News French News Business newsletter READ US Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! 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