Old Naira Notes Rejection Against The Law - Akeredolu

Rejecting the old Naira notes has been described as being disobedient to the law.

The disclosure was made by the Ondo State Governor, Rotimi Akeredolu in a statewide broadcast on Thursday.

This is as he also decried the rejection of old naira notes by a large number of traders and business owners in the state.

The governor warned that the rejection of the old notes would weaken the nation’s economy and cause great harm to local trade and business transactions.

“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.

“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.

Akeredolu appealed to commercial banks to increase the circulation of all currencies at their disposal.

While asking the banks to devise a more effective way to relieve congestion in the banks, he urged residents of the state to embrace and accept the old notes alongside the new notes as stipulated by law.

“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 added.

The Supreme Court had on March 3, 2023, ordered that the old currency notes must remain as legal tender in exchange for goods and services in the nation till December 2023.