Both previous and new notes are now considered legal tender, according to the Central Bank of Nigeria.
Dr. Isa Abdulmumin, the CBN’s acting director of corporate communications, revealed this on Tuesday.
He confirmed that commercial institutions have begun to issue their clients with both the old and new notes.
However, he maintained that the apex bank has not yet released a formal statement.
Banks are paying both new and old bills, he declared. Each of them is legitimate money.
“Yes, the CBN hasn’t made a formal comment about the matter. Any money that banks grant you is yours to keep. We merely seek to improve Nigerians’ quality of living.
The Supreme Court issued its ruling on the makeover of the naira last week, ordering the federal government to maintain the legal tender status of the N200, N500, and N1000 notes through the end of December.
Sources claimed on Monday that some banks in Abuja and Lagos have begun issuing the old notes to customers in reaction to the decision.
But merchants, proprietors of businesses, and drivers are refusing to take the old notes.