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Banks begin issuing old N500, N1000 notes to  customers following CBN approval 

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Naira rebounds to N1,400/$ as speculators offload forex

Commercial banks in the country have started issuing the old N500 and N1,000 notes to customers at their various automated teller machines (ATMs) terminals and over the counter.

The development is in compliance with the new directive of the supreme court, extending the validity period of the old notes to the end of the year, which has been approved by the Central Bank of Nigeria.

Isa Abdulmumin, CBN spokesperson, said both the old and new notes are legal tender and banks are currently issuing to customers.

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However, he said the CBN was yet to issue an official statement on the matter.

“Banks are paying old notes as well as new notes. They are all legal tender,” he said.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin expressed concern on the continued rejection of the old notes by some traders and transporters, TheCable reported.

He said the old notes should not be rejected as they are still a valid means of exchange.

“No. They can’t reject it. It’s all legal tender,” he said.

 

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