Some commercial banks have started paying customers old N500 and N1,000 notes on Monday, March 6.
A bank official in Lagos confirmed to The Conclave the payment of the old notes to customers.
It was learnt that each customer gets a maximum of N20,000 over the counter.
The old notes are yet to be loaded to the ATM.
“We have started paying customers, but with the old notes. The maximum a customer can get is N20,000,” the official told The Star.
The decision followed the judgement of the Supreme Court that the old naira notes remain legal tender till December 2023.
The Central Bank of Nigeria (CBN) is yet to issue official position on the cash policy after the apex bank’s verdict.
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