Following last week’s ruling of the Supreme Court ordering all older banknotes to remain in circulation until the end of the year, the Central Bank of Nigeria has not made any comment.

Given the confusing situation many merchants refuse to accept the old notes of 500 (NGN500.1) and 1,000 naira (NGN1,000.1).

A few banks started to pay out old notes of 500 and 1,000 naira. New notes continue to be scarce, with some bank clients saying that they had to pay an under-the-table “fee” of 20% to obtain new notes. 

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