Kwara residents reject old notes despite court judgement

Despite the ruling of the Supreme Court validating the circulation of old N500 and N1000 notes as legal tender till December 31 of this year, some residents in Kwara State are still rejecting the notes.

The apex court in its lead judgement read by Emmanuel Agim held that the approval that President Muhammadu Buhari gave the CBN to withdraw the old banknotes was invalid.

Agim also condemned the President’s disobedience of the court’s February 8 order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

He said the president’s broadcast of 16 February that only N200 notes should remain legal tender was at variance with the principles of Nigeria’s democracy.

Amidst the failure of the President and CBN Governor, Godwin Emefiele, to react to the decision of the court, Nigerians are going through a lot as scarcity of naira persists.

Residents, including some market women, who spoke to our correspondent on Saturday, said their rejection of the old notes was largely due to the silence of President Buhari.

A resident by the name of Habeeb Olawale, who sells raw food at a popular market in Ilorin West local government of the state, insisted he won’t collect the notes until ordered by the President.

“The last time we accepted the old notes, Buhari and the Central Bank of Nigeria (CBN) said otherwise. Some notes I collected then are still with. I tell my customers to either transfer to my account or pay cash in new notes”.

Lamenting the implications of the situation on her business, Tolulope Ajayi faulted the silence of the President and Godwin Emefiele and accused them of contempt of the court.

Mrs Ajayi added that the rejection of the old notes despite the order of the court has resulted in loss.

Read also:Banks begin payment of old naira notes to customers

“Last week, some of my goods got spoilt because I couldn’t sell them on time due to the crunch. Network of bank was also terrible, and many people who visited my shop came with old notes. It’s just like the President Buhari and the CBN Governor are intentionally punishing us.”

On the inevitable effect of the ongoing scarcity of new notes worsened by rejection of old ones, a PoS vendor, Ismail Abdullahi Omidiji, also attributed his rejection of the old notes to the non-compliance of the government with the order.

Abdullahi said he only attends to customers approaching his shop with the new notes, adding some banks are also rejecting them.

“I don’t collect old notes from people. Reports have shown that even banks who dispense the old notes don’t collect the back for deposit. It’s better to be on the safe side.

“The inaction of President Muhammadu Buhari since the ruling of the Supreme Court is also contributory to the fear. I went through a lot trying to deposit the old notes the last time. Let the concerned stakeholders take action and we know what to do.”

Also speaking, Ibahim Lawal noted that the ongoing scarcity of new notes while the old notes continue to be reject might affect people’s preparation for the holy month of Ramadan forthcoming in less than two weeks.

Lawal urged President Muhammadu Buhari to comply with the ruling of the court by ordering acceptance of the old notes across the country.

“The biggest fear is that the situation will affect people’s readiness for Ramadan. I think the best thing is for the President to comply with the court order and ease the sufferings of the masses”, Lawal added.

By Ambali Abdulkabeer

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