Some residents of Ilorin, the Kwara State capital, are still sceptical about enforcement of the supreme court’s judgement on the old naira notes even as the Central Bank of Nigeria (CBN) has, in a circular, declared that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023 in compliance with the court’s order.
Our Correspondent who went round the Ilorin Metropolis observed that most banks complied to the order as bank customers were issued the old currency of N500 and 1000 notes to customers.
It was also however observed that while some residents had no problem collecting the old notes either from the banks or from customers, some others refused to accept the notes.
A bank customers Mr Amos Oluwaseun who said he received the N500 and N100 notes from a commercial bank in Ilorin expressed joy on the development
“It is a sigh of relief, I have been suffering from cash ever since I can live large now is a welcome development” he said
Another resident Jide Samson, an Okada rider who refused to accept the old notes from customers said he would not collect the old naira note yet added that he would collect later
Another Business woman Iya Sanni who collected the money from customers said since apex bank has given the go ahead and banks have started collecting as well giving it to customers she would follow suit
A resident in Ilorin Mr Yakubu Jimoh who also spoke to our Correspondent said
“The federal government is inconsistent in its policy because if every individuals had access to #20000 everyday. This kind of crisis would not have come up at all. On the other hand, at the end of December, the same problem will still happen since it remains legal tender till December, I will collect it.
Mr Paul Tunde said “I will not collect it because my customers are rejecting it from me but if they start collecting it from me I will collect it.”
Another Business man in Ilorin Mr Segun Peter said “If I collect the old notes I will quickly pay into my bank account if the money is collected from me without asking me to generate code I will started collecting it but if I was asked to generate code I will not collect it”
The Central Bank of Nigeria (CBN) had recently disclosed that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
CBN spokesperson, Isa Abdulmumin, who announced the development in a statement, stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.
The statement reads: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
Meanwhile, the Kwara State Governor AbdulRahman AbdulRazaq has asked residents of the state, especially marketers, to collect and spend the old and new naira notes as both are still legal tenders in the country.
Chief Press Secretary to the Governor Rafiu Ajakaye in a statement issued to newsmen in Ilorin read in part.
“Per the judgment of the Supreme Court of Nigeria and the latest circular of the Central Bank of Nigeria (CBN), the old naira notes still remain a legal tender in the country. Banks are now officially issuing the old naira notes (including N500, N1000). I, therefore, urge all residents of our state to spend and receive both the old and the new naira notes,” according to a Kwara State Government House statement on Tuesday.
“This appeal especially goes to our marketers/traders. Further rejection of the old naira notes is in breach of the Supreme Court judgment. Such rejection is also inflicting economic pains on ourselves. Marketers, and indeed everyone in the state, can and should receive the old and new naira notes since commercial banks are now receiving the two. Citizens are to note that rejection of the legal tender, such as the old naira note, is a serious crime under our law.
“I also implore the banks to kindly extend every support within their powers to our people to ease all their transactions as things return to normal.”
