Akeredolu laments rejection of old 500, 1000 naira notes as legal tender

Ondo State governor Oluwarotimi Akeredolu has lamented over the rejection of old naira notes by the state’s traders and business owners.

Akeredolu in a statement said the rejection of the old ₦200, ₦500, and ₦1000 notes is flagrant disobedience to the law, adding that rejecting the old naira notes will inflict and sustain needless pain on the people and customers.

He explained that the rejection of the old naira note will harm the state’s local trade and business transactions, weaken the economy, and cause great harm.

Akeredolu urged the people to embrace and accept the old notes alongside the new notes as required by law, noting that the Supreme Court had ruled that the old currency notes must remain legal tender in the nation for the exchange of goods and services.

He noted that the implication of the apex court’s judgment is that it removes the daily pain, discomfort, and trauma being faced by the people due to the scarcity of new notes, stating that the order will also be geared towards ensuring stability, strength, and vitality for the country’s economy.

“Please collect, spend, and exchange the old notes without let or hindrance,” Akeredolu said.

The governor also appealed to commercial banks within the state to increase the circulation of all currencies at their disposal and devise a more effective way to decongest the banks, especially at Automated Teller Machine (ATM) cash points.

The Supreme Court recently ruled that the old naira notes remain legal tender till December 31, 2023.