The Edo State Governor, Godwin Obaseki, has called on residents of the state to accept the old N500 and N1000 notes following the recent Supreme Court judgement that these old notes remain legal tender till December 31, 2023.
The state government is one of the co-defendants alongside the federal government against Kaduna and some other state governments that urged the Supreme Court to nullify the February 10 deadline for old naira notes set by the Central Bank of Nigeria (CBN). With the judgement now in favor of the use of the old notes, Governor Obaseki has appealed to the residents of the state to accept and trade with these notes.
In a statement released by the Commissioner for Communication and Orientation, Chris Nehikhare, on Thursday, Governor Obaseki emphasized the need to facilitate trade and boost economic activities in the state by accepting the old notes alongside the new ones. He further stated that the government is exploring other means of transaction such as electronic transfers to address issues of cash availability.
The call for the acceptance of old notes by the Edo State Government is in line with the CBN's cashless policy, which aims to reduce the amount of physical cash circulating in the economy and promote the use of electronic transactions. With the current economic challenges faced by the country, the acceptance of old notes may also help to alleviate some of the difficulties faced by small businesses and traders who rely heavily on cash transactions.
The Governor's appeal to residents of the state to accept the old notes will help to ensure that economic activities continue to thrive in the state, while also promoting financial inclusion and reducing the number of unbanked individuals. It is hoped that this move will encourage other state governments to adopt similar policies that promote economic growth and development.