Nigeria: Rejection of Old Naira Notes, Breach of Law, Akeredolu Tells Residents

10 March 2023

Ondo State Governor Oluwarotimi Akeredolu has decried the rejection of old naira notes by a large section of traders and business owners in the state.

The governor said the rejection of the old N1,000, N500 notes is flagrant disobedience to the law.

Governor Akeredolu in a statewide broadcast yesterday said rejecting the old naira notes will inflict and sustain needless pain on the people and customers.

He saidt the matter of legitimacy and return into circulation of all old naira notes in the nation's economy has been settled permanently by the Supreme Court of Nigeria.

According to the governor, the apex court had ruled that the old currency notes must remain as legal tender in exchange for goods and services in the nation.

Akeredolu appealed to the people to embrace and accept the old notes alongside the new notes as stipulated by law.

The governor also commended commercial banks in the state for receiving and paying with the old notes.

He appealed to them to increase the circulation of all currencies at their disposals and devise a more effective way to decongest the banks, especially at the ATM cash points.

"It is therefore of great concern to me today, that a large section of our people in the state, particularly traders in our markets, taxi and bus drivers, barbers, auto mechanics, and artisans are rejecting the old naira notes thereby inflicting and sustaining a needless pain on their fellow citizens and customers. This is unfortunate and unexpected. It is a flagrant disobedience to the law and the Central Bank directives.

"I, therefore, wish to inform you that the rejection of the old N1000, N500 and N200 notes by us will do us no good. It will stifle our local trade and business transactions, weaken our economy and cause us great harm and avoidable troubles.

"I hereby use this opportunity to appeal to you all, my good people of Ondo State, to embrace and accept the old notes alongside the new notes as stipulated by law. Let us not create needless tension over the matter. Please collect, spend, and exchange the old notes without let or hindrance," he said.

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