The governor reminded the people of the state that the old Naira notes still remain legal tenders in the country, as per the judgment of the Supreme Court of Nigeria and the latest circular of the Central Bank of Nigeria (CBN). He also noted that banks are now officially issuing the old Naira notes, including N500 and N1,000 denominations.
Governor AbdulRazaq urged all residents of the state to spend and receive both the old and new Naira notes. He particularly appealed to traders and marketers in the state to desist from rejecting old Naira notes, stating that further rejection of the old notes is a breach of the Supreme Court judgment.
The governor emphasized that rejecting the old Naira notes is inflicting economic pains on the people, and urged everyone to embrace both old and new notes as commercial banks are now receiving the two. He warned that rejecting legal tender such as the old Naira note is a serious crime under the law.
Governor AbdulRazaq implored the banks to extend every support within their powers to the people of the state to ease all their transactions as things return to normal. He stated that the rejection of the old Naira notes is causing unnecessary hardship and urged the banks to provide assistance to the people of the state.
The governor's statement is coming on the heels of reports of traders rejecting the old Naira notes, which is causing discomfort for people who have these notes in their possession. The rejection of old Naira notes by traders and retailers has become a common trend in recent times, despite the fact that the notes are still legal tenders in the country.
Governor AbdulRazaq's warning is expected to help alleviate the plight of people who have been struggling to use their old Naira notes for transactions. The governor's call for traders and marketers to accept both old and new Naira notes is a welcome development, as it will help to restore confidence in the country's currency.