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‘People have suffered enough’ — Ganduje to sanction banks, businesses rejecting old naira notes

‘People have suffered enough’ — Ganduje to sanction banks, businesses rejecting old naira notes
February 14
18:10 2023

Abdullahi Ganduje, governor of Kano state, says he will not hesitate to revoke the licences of businesses that refuse to accept the old naira notes.

Ganduje issued the warning in a statement signed by Muhammad Garba, minister of information and internal affairs, in Kano on Tuesday.

TheCable had reported that some businesses have started rejecting the old naira notes since the February 10 deadline elapsed.

Reacting to this, the governor said the old naira notes were still legal tenders.


He added that the supreme court was emphatic on its interim injunction on the issue of old naira notes which would continue to be used as legal tender hand in hand with the new ones until gradual and final phase out.

According to Ganduje, the state government had observed that business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations, motor parks, among others, were in the habit of rejecting the old naira notes for transactions.

He described those involved in such acts as “self-centred”.


“This non-acceptance by some selfish individuals is further worsening the already tensed situation exacerbated by the non-availability of the new naira notes,” Ganduje was quoted as saying.

“Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centered individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions.

“The people have suffered enough untold hardship and, therefore, the state government will not fold its arms and allow few selfish elements in our midst to worsen the situation.”

Ganduje urged residents in the state to continue with their lawful businesses adding that anyone who refuses to accept the old naira notes should be reported to the appropriate quarters.


Meanwhile, on Tuesday,  the Central Bank of Nigeria (CBN) insisted that its February 10 deadline for the validity of old naira notes still stands.

The decision comes amid a supreme court’s ruling, restraining the apex bank from enforcing the deadline, pending the hearing of the matter on February 15, 2023.

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