Days after the Supreme Court nullified the Central Bank of Nigeria’s Naira redesign policy, The Daily Post Newspaper visited some traders across the country, and checks by the news outlets show that some banks have started paying the old N500 and N1000 Naira notes. However, some are still waiting for the CBN directives.
Speaking in an interview with a trader who identified himself as Mr. Ibrahim, he revealed that few banks have started paying the old N500 and N1000 notes in his area, and people have started withdrawing the old notes but they don't know if business owners will accept them, But it's better to collect the old notes than have nothing at hand, as he urged the CBN to direct all banks to start releasing the old notes.
He said, "The old and new notes are not available. In fact, for weeks, I have been buying Naira at the rate of 20 percent for each N1000. The situation is terrible. The CBN should order all banks to do the same so that the currency will be readily available for Nigerians. "We are tired of the mess called the cashless policy," he stated.
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