Few days after some commercial banks began the disbursements of the controversial N500 and N1,000 notes across their branches in major Nigerian cities, motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies.
Commercial banks’ decision to re-circulate the old notes followed last week’s Supreme Court order approving the use of old N1,000 and N500 and N200 notes as legal tender for 10 months.
The Supreme Court had last Friday ordered that the old naira notes should be allowed in circulation along with the new notes until December 31, 2023.
The court had said the Federal Government’s naira redesign policy contravened the 1999 Constitution.
However, it was gathered on Tuesday that key bank customer groups had started rejecting the re-circulated old N500 and N1,000 notes.
Most of them hinged their arguments on the fact that the CBN, the banking sector regulator, had yet to approve the use of the old notes as legal tender, except the old N200 note.
