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Rejecting old notes is disobeying the law – Akeredolu

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Ondo State Governor, Oluwarotimi Akeredolu, has decried the rejection of old naira notes by a large section of traders and business owners in the state.

The Governor said the rejection of the old one-thousand naira, five hundred naira, and two-hundred-naira notes is flagrant disobedience to the law.

Governor Akeredolu in a statewide broadcast on Thursday explained that rejecting the old naira notes will inflict and sustain needless pain on the people and customers.

He noted that the matter of legitimacy and return into circulation of all old naira notes in the nation’s economy has been settled permanently by the Supreme Court of Nigeria.

According to the Governor, the Apex Court had ruled that the old currency notes must remain as legal tender in exchange for goods and services in the nation.

Governor Akeredolu appealed to the people to embrace and accept the old notes alongside the new notes as stipulated by law.

The Governor also commended Commercial Banks within the State for receiving and paying with the old notes.

He appeals to the Banks to increase the circulation of all currencies at their disposals and devise a more effective way to decongest the banks, especially at the ATM cash points.

β€œIt 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. This is unfortunate and unexpected. It is a flagrant disobedience to the law and the Central Bank directives.

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