But confusion has continued to trail the development which is typified by selective service by some banks and rejection by some customers.
MetroBusinessNews (MBN) however, gathered that the absence of a statement by either President Muhammadu Buhari or CBN had resulted in the ongoing uncertainty and confusion, as businesses in Abuja, Lagos and other places continued to reject the old denominations.
The development has continued to widen the trust deficit between the government and the governed.
Since the Supreme Court’s ruling, no further clarification or directive had been issued by the central bank, a situation that has caused the banking public to take precaution with regard to the old notes.
Although, some banks such as UBA and Access branches paid out the old banknotes in Abuja and Lagos, the staff confirmed that they are yet to receive official communication from CBN, a development that is fueling confusion.
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Analysts, however, believed that cash availability and circulation would greatly improve in the coming days following the apex court’s decision.
They also expressed the hope that the conclusion of the general election next week might lead to some monetary policy decisions that would improve cash circulation in the economy.
They were however quick to add that providing clarity and direction on the court’s ruling would quell apathy on the part of the banking public.