Governor Rotimi Akeredolu on Thursday decried the rejection of old naira notes by traders and business owners.

“It is a flagrant disobedience to the law and the Central Bank (of Nigeria) directives. I, therefore, wish to inform you that the rejection of the old N1000, N500 and N200 notes by us will do us no good,” the governor warned. “It will stifle our local trade and business transactions, weaken our economy and cause us great harm and avoidable troubles.”

Mr Akeredolu, in a statewide broadcast in Akure, said the rejection of the old naira notes was a flagrant disobedience of the law. The governor explained that rejecting the old N200, N500 and N1000 notes would inflict needless pain on the residents.

“It is imperative that I address you today because of the need to halt a self-induced pain currently being experienced by us all in the state. This is on account of the circulation and use of the old naira notes in our economy,” he told Ondo residents. 

The Ondo governor said it “is of great concern to me 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,” describing the situation as unfortunate and unexpected.

“I hereby use this opportunity to appeal to you all, my good people of Ondo state, to embrace and accept the old notes alongside the new notes as stipulated by law. Let us not create needless tension over the matter. Please collect, spend and exchange the old notes without let or hindrance,” Mr Akeredolu appealed to the state’s residents.

According to him, the apex court’s ruling that the old naira banknotes should remain legal tender until December 31, 2023, stands.

“The implication of the Supreme Court judgment is that it removes the daily pain, discomfort and trauma being faced by the people of this country occasioned by the scarcity of the new notes,” he stressed. “It is also geared towards ensuring stability, strength and vitality for our economy, particularly the informal economy, which involves, on a daily basis, the largest number of our people at the grassroots.”

(NAN)