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Kogi to arrest, prosecute persons rejecting old naira notes

Kogi to arrest, prosecute persons rejecting old naira notes
March 10
18:34 2023

The Kogi government has threatened to arrest and prosecute persons and businesses rejecting the old naira notes.

Last week, the supreme court ruled that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.

Following the judgement, checks by TheCable showed that some commercial banks across the country have started issuing old naira notes to customers.

In a statement on Friday, Kingsley Fanwo, Kogi commissioner for information, said the continued rejection of old naira notes by some residents was a “clear disobedience” of the apex court ruling.

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Fanwo warned that banks that refuse to accept old naira deposits would be sealed by the state government.

“We congratulate Nigerians on the historic ruling of the Supreme Court, the highest court in Nigeria, to the effect that both the old and new naira notes remain legal tenders until December 31, 2023, when the old notes will cease to be legal tender,” the statement reads.

“What this means is that both the old and new naira notes can be accepted for the purpose of transacting business till the end of this year.

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“The reason the Kogi State Government joined other State Governments in the country to pursue the case was to ease the hardship occasioned by the unavailability of the new naira notes, which the court fully granted.

“It is therefore unacceptable that some persons and businesses will continue to reject the use of the old naira notes, even after the court judgement validating their use. Rejecting the old naira notes is a clear disobedience of the Supreme Court ruling.

“Anyone who rejects the old naira notes should be reported to security and government authorities for immediate action.

“Also, banks that refuse to accept old naira deposits shall be sealed as the State Government will not accommodate financial institutions that willfully disobey court orders, moreso, the orders of the highest court in Nigeria.

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“Kogites should note that since the banks are issuing the old naira notes, they are bound to also receive it. We cannot continue to kill our economy after the Supreme Court has granted us freedom.”

Fanwo said the state government has set up a committee to ensure full adherence and compliance to the ruling of the supreme court.

He said the committee members include the state commissioner for finance, budget, and economic planning; the commissioner for information and communications.

Others are the commissioner for commerce and industry; the state security adviser; and the managing director, Kogi enterprise development agency (KEDA).

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