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Rejecting old N500, N1000 is disobedience of law, CBN directive —Gov Akeredolu



Ondo State Governor, Rotimi Akeredolu, has described rejection of old naira notes by Nigerians as a “flagrant disobedience to law,” and has urged people in the state to continue accepting the note as they are still legal tender.

In a statewide broadcast on Thursday, Akeredolu noted that rejecting the old currency notes despite a ruling by the Supreme Court for the old notes to be used for transactions alongside the new notes till December 31, will weaken the economy and cause great harm for local trade and business transactions.

“This is unfortunate and unexpected. It’s a flagrant disobedience to the law and the Central Bank directives.

“It is therefore of great concern to me today, that a large section of our people in the state, particularly traders in our markets, taxi and bus drivers, barbers, auto mechanics and artisans are rejecting the old naira notes, thereby inflicting and sustaining a needless pain on their fellow citizens and customers,” Akeredolu said in the broadcast.

Read also:Naira scarcity targeted at Tinubu, ploy to truncate elections —Gov Akeredolu

“I, therefore, wish to inform you that the rejection of the old one thousand naira, five hundred naira and two-hundred-naira notes by us will do us no good.

“It will stifle our local trade and business transactions, weaken our economy and cause us great harm and avoidable troubles,” he added.

He appealed to residents of the state to embrace and accept the old notes alongside the new notes as stipulated by law.

“Let us not create a needless tension over the matter. Please collect, spend and exchange the old notes without let or hindrance.”

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