Old Naira Notes: Ganduje threatens to sanction erring banks, business owners as CBN insists on contrary

Kano state government has warned that it would not hesitate to revoke operational licenses of major business owners or take action on anyone who refuses to accept the old naira notes as a means of transaction.

SOLACEBASE reports that Governor Abdullahi Umar Ganduje, who handed down the warning in a statement issued by the commissioner for information and internal affairs, Malam Muhammad Garba, said the old naira notes are still a legal tender.

This is coming a day after the Central Bank of Nigeria (CBN) declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since the 10th of February, 2023.

Addressing journalists in Bauchi, on Monday, Branch Controller of the Central Bank of Nigeria (CBN), Haladu Idris Andaza announced that the old naira notes are no longer legal tender.

CBN had originally fixed January 31 as deadline for old notes to be in circulation but extended it in response to pressure from Nigerians.

However, before the February 10 deadline, Kogi, Kaduna and Zamfara States approached the Supreme Court, seeking that the CBN from be restrained going ahead with the deadline.

The Court answered their prayer and adjourned the case till February 15.

Despite Supreme Court order, Nigerians reject old Naira notes

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However Ganduje said in the statement that the Supreme Court was emphatic on its interim injunction on the issue of old naira notes which would continue to be used as legal tender hand in hand with the new ones untill gradual and final phase out.

‘’The governor noted that it has come to the notice of the government that some business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations, motor parks, among others, are in the habit of rejecting the old naira notes in business transaction,’’ the statement said.

‘’Ganduje further observed that this non-acceptance by some selfish individuals is further worsening the already tensed situation exacerbated by the non-availability of the new naira notes.’’

“Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centered individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions,” the statement added.

‘’He said the people have suffered enough untold hardship and therefore the state government would not fold it’s arms and allow few selfish elements in our midst to worsen the situation.’’

‘’The governor called on the people in the state to continue with their lawful businesses and report anyone who refuses to accept the old naira notes to the appropriate quarters.’’