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Naira Swap Policy: Uncertainty as banks awaits CBN on Supreme Court ruling

Stakeholders in the financial sector and  banks are divided over re-issuance of the old naira notes following the Supreme Court judgement extending their legal tender status till December 31st 2023. 

While banks said they can’t commence re-issuance of the old notes until they are directed to do so by the  CBN,  stakeholders including bank customers, financial analysts and business owners have  called  for immediate re-issuance of the old naira notes in compliance with the Supreme Court,

Some banks’ officials who spoke to Vanguard MoneyDigest said the banks would comply once they get a directive from CBN.

One of the officials working with Access Bank who spoke on condition of anonymity   said the banks would obey what CBN says, not the Supreme Court.

“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.

On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.

“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.

Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.

But another bank official who also pleaded to remain anonymous, told Vanguard Money Digest that in spite of the directive, the old notes have not been made available to the bank.

In his words, “We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must  send  a circular before we can implement any directive.”

Corroborating, another banker stressed that  the old Naira notes are no longer in their possession, adding that if the CBN  makes it available to banks  they will start paying their customers.

Prevail Inegbenose

Prevail Inegbenose is the Chief Executive Officer (CEO), Spark Media & Entertainment Ventures, the Publisher of Spark News Daily - Nigeria's most sought-after online newspaper in Government, Politics, Sport, Entertainment and Religion. Prevail Inegbenose studied Mass Communication from the prestigious Auchi Polytechnic Auchi and graduated in 2007. He is an experienced journalist with 16 years of active and practical journalism. Prevail Inegbenose is the Lead Pastor, House of God Int'l - Rest Tabernacle, Abuja - Nigeria. Tel: 08039564796.

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