Ekiti Threatens To Prosecute Residents Rejecting Old Naira Notes

• The CBN introduced a naira redesign policy late last year.

• The policy resulted in a cash shortage that continues to affect Nigerians nationwide.

• The cash shortage forced some states to sue the federal government and they secured a Supreme Court order that upheld the validity of the old naira notes till December 31, 2023.

Eko Hot Blog reports that Ekiti State Government has threatened to arrest and prosecute residents rejecting the old N500 and N1000 notes.

The threat comes after the Supreme Court ruled that the old naira notes are valid as legal tender until December 31, 2023.

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Following the apex court verdict, some commercial banks started issuing the old naira notes to customers.

However, some businesses and persons have been rejecting the old notes amid the refusal of the Central Bank of Nigeria (CBN) and the federal government to clarify their positions.

In a statement issued by Yinka Olubode, Special Adviser on Media to Ekiti State Governor, Biodun Oyebanji, on Saturday, the government appealed to residents to accept the old naira notes in compliance with the ruling of the Supreme Court.

Ekiti State Governor, Biodun Oyebanji

Olubode quoted the governor as saying refusal to accept the old naira notes for transactions was unlawful and that anyone found culpable will be arrested and prosecuted.

“This is an appeal to all residents of Ekiti to abide by the ruling of the supreme court, which has provided a reprieve for the people by extending the validity date of the old naira notes till December 31,” the statement reads.

“As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.

“Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes.”

The state government also urged the commercial banks and the Central Bank of Nigeria (CBN) to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points in order to ease the stress residents go through to access cash.

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Earlier, Kogi State Government also threatened to arrest and prosecute persons and businesses rejecting the old naira notes.

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