Ogun State Govt To Chase out Companies, Supermarket Rejecting Old Naira Notes
- Companies and supermarkets that reject old naira notes face eviction from the Ogun state government
- The threat is coming 24 hours after President Muhammdu Buhari announced that old N1,000, and N500 notes are no longer legal tender
- It will be interesting to know how businesses will cope with the new directives as protests continue
PAY ATTENTION: See you at Legit.ng Media Literacy Webinar! Register for free now!
Just like Kano state, the Ogun state government has threatened to revoke the certificate of occupancy, CofO of any corporation or store that rejects old Naira notes from members of the public in the State in exchange for goods and services.
This was disclosed by Dapo Abiodun, the governor of the state, in a message posted on its verified Twitter handle on Friday, 17 February 2023.
According to him, commercial outlets will be violating the law if they continue to reject the old N1,000 and 500 notes.
Source: Getty Images
He said:
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
"Commercial outlets are hereby reminded that there is an existing court order by the Supreme Court, the apex court in Nigeria, directing that old notes remain legal tender."
Supreme court adjourned the case to February 22nd.
Governors fight back
Abiodun message on Friday is a direct response to a national broadcast of President Muhammdu Buhari who insisted that the old naira notes of N1000, and N500 are no longer legal tender.
Buhari however approved the continued use of N200 notes as legal tender across Nigeria until April 10, 2023
Part of his address reads:
"To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”
Buhari's message was followed by Godwin Emefiele directing that the banks comply with the directives.
However, on Friday, February 17, the CBN relaxed its rule by allowing banks deposit to N500,000 old notes.
Drama as a man arrives CBN office with N50m cash in 4 sack bags
Meanwhile, in another report, a viral video shows a Nigerian going to the CBN office in Kano to deposit N50 million cash in old naira notes
The unidentified man who was interviewed at the gate claimed that he was a trader and the money belonged to him
The video of the incident has gone viral with many Nigerians reacting at the way he walked into the bank.
Source: Legit.ng
