Home News Akeredolu Frowns AT Rejection Of Old Naira Notes By Traders, Artisans, Others...

Akeredolu Frowns AT Rejection Of Old Naira Notes By Traders, Artisans, Others In Ondo
..Says It’s Disobedience To The Law

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Thursday March 9th, 2023

Ondo State Governor, Arakunrin Oluwarotimi Akeredolu,SAN, CON, 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 one thousand naira, five hundred naira and two-hundred-naira notes is a flagrant disobedience to the law.

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

He noted that 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 a legal tender in exchange of goods and services in the nation.

Governor 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 within the State for receiving and paying with the old notes.

He appeal to the Banks 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 one thousand naira, five hundred naira and two-hundred-naira 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 a needless tension over the matter. Please collect, spend and exchange the old notes without let or hindrance.” He said.

The Governor urged all media organisations in the state, as well as all traditional rulers, community leaders and opinion molders to assist Government in educating the people, especially at the grassroots on the need to embrace and accept the old naira notes.

His words:”It is imperative that I address you today because of the need to halt a self-induced pain currently being experienced by us all in the state. This is on account of the circulation and use of the old naira notes in our economy.

“Credible information reaching me indicates that quite a large number of residents of the state are denied the use of the old currency notes issued by the Central bank of Nigeria.

“This comes in form of rejection of the old notes as legal tender and means of exchange for goods and services particularly by traders, artisans, transporters, farmers and a large percentage of the operators of the informal sector of our economy in Ondo State.

“This development is unfortunate, undesirable and uncalled for. This is because 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 and also backed up by the appropriate instruments of implementation by the Central Bank of Nigeria.

“Our people will recall that the Apex Court, in its recent judgement had among others, ruled that the old currency notes must remain as a legal tender in exchange of goods and services in the nation.

“For avoidance of doubt, the judgment ordered that both the new and old notes should not only coexist but be accepted and used side by side by all Nigerians until the end of this year when the proper elimination and substitution of the old currency notes would have been completed.

“The implication of the Supreme Court judgement is that it removes the daily pain, discomfort and trauma being faced by the people of this country occasioned by the scarcity of the new notes.

“It is also geared towards ensuring stability, strength and vitality for our economy, particularly the informal economy which involves, on daily basis, the largest number of our people at the grassroots.

“If we may recall that from the onset of the Federal Government’s policy of Naira swap, our position as a state, was clear and unambiguous. We not only condemned the idea and process of implementation of the policy, we also canvassed for its total abrogation, given its timing and methodology.

“We insisted on the need for the Federal Government to resolve the introduction of the cashless policy in favour of the common man. We did this because we believe the fundamental objective of Government must be to see to the welfare and security of the people at all times.

“It is not to inflict or add more to their pains. We believe the people must be happy and free to live their lives legitimately without any pain, discomfort or trauma.“

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