Notwithstanding the ruling of the Supreme Court, banks have said they cannot commence re-issuance of the old Naira notes until they are directed to do so by the Central Banks of Nigeria, CBN.

In fact, a banker said the old notes were no longer in their possession, but with CBN and would be available for customers when CBN releases them.

Meanwhile, 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 said that 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 explaining that banks in Nigeria are heavily regulated and they only listen to what the CBN says and despite the Supreme ruling, they still need to hear from the regulator.

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