Naira Crisis: Akeredolu Decries Rejection of Old Notes, Gives Fresh Directives

Following the Supreme Court order to continue to use the series of N200, N500, and N1000 old notes as legal tender, the Governor of Ondo State, Oluwarotimi Akeredolu, on Thursday, described the rejection of the old naira notes as flagrant disobedience to law.

The governor disclosed this in a statewide broadcast.

He decried the rejection of old naira notes by a large number of traders and business owners in the state.

He said the continuous rejection of the old notes would weaken the nation’s economy and cause great hartoor local trade and business transactions.

Recall that the Supreme Court had ordered that the old currency notes must remain as legal tender in exchange for goods and services in the nation.

“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, cs, 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,” he said.

He appealed to commercial banks to increase the circulation of all currencies at their disposals and 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, and exchange the old notes without hindrance,” he added.


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