Rejection of old Naira notes: Kogi gov. threatens to seal erring banks, prosecute people rejecting it

Samuel AkpanMarch 11, 2023193

Kogi Gov. Yahaya Bello has sounded a note of warning to banks which reject old notes in the state that they will be sealed off.

He also threatened that legal action will be taken against anyone who reject the old notes.

Bello said in a statement by the Commissioner for Information, Mr Kingsley Fanwo, that “it is unacceptable that persons and businesses continue to reject the old currency after the Supreme Court ruling.”

Persecondnews recalls that nine days after the Supreme Court judgment on the Naira redesign policy of the Federal Government and the Central Bank of Nigeria, both President Muhammadu Buhari and the CBN Gov. Godwin Emefiele have yet to comply with the apex court’s ruling that the old notes should remain as legal tender until December 31 2023.

On March 3, 2023, the court had ordered that the old N200, N500 and N1000 notes should remain in circulation until December 31.

The apex court described the policy as an affront to the 1999 constitution and that it has led to some people engaging in “trade by barter in this modern age all in a bid to survive.”

Bello, however, pointed out that the essence of the state joining the suit challenging the Federal Government and the CBN was to ease the suffering of Kogi residents.

“The reason the Kogi State Government joined other state governments in the country to pursue the case was to ease the hardship occasioned by the unavailability of the new naira notes which the court fully granted.”It is, therefore, unacceptable that some persons and businesses will continue to reject the use of the old naira notes, even after the court judgment validates their use.“Rejecting the old naira notes is a clear disobedience of the Supreme Court ruling anyone who rejects the old naira notes should be reported to security and government authorities for immediate action.

“Also, banks that refuse to accept old naira deposits shall be sealed as the State Government will not accommodate financial institutions that willfully disobey court orders, more so, the orders of the highest court in Nigeria,” governor said.