The Central Bank of Nigeria (CBN) has again declined to comment on the Supreme Court’s decision that the old N200, N500, and N1,000 notes will remain legal tender till December 31.
The communications department has not been informed of any fresh developments on the Supreme Court ruling, a CBN official said to Our correspondent on Saturday.
The official said they “don’t have that knowledge” in response to the question of when the CBN will begin releasing funds to banks.
The Supreme Court ruled on Friday that the old banknotes will continue to be accepted as lawful cash and that the N20,000 withdrawal cap set by the central bank was unconstitutional.
Deposit Money Banks (DMBs) cannot act outside the recent directive by the apex bank that N20,000 will be the withdrawal cap for individual account holders in the absence of any official statement from the CBN.
The Nation has learned that the most recent withdrawal threshold has caused many Nigerians who prefer to save their money outside of the banking system to have second thoughts.
When asked whether the Supreme Court’s ruling declaring the N20,000 withdrawal restriction unconstitutional will have a detrimental effect on the CBN’s cashless strategy, another CBN official responded, “The cashless policy has been in place since 2012 and many Nigerians are already keying into the idea.
