Nigerian Governor Threatens to Revoke Licenses of Businesses, Banks Rejecting Old Naira Notes

• Kano State Governor Abdullahi Ganduje has threatened businesses and banks rejecting old naira notes
• The governor said the old notes are still legal tender in the state because of the Supreme Court order
• He asked residents of the state to continue to trade in old notes and report those rejecting them

Kano State Governor, Abdullahi Ganduje, says he will not hesitate to revoke licenses of businesses refusing old naira notes.

The governor issued the warning on Tuesday, February 14, 2023, in a statement signed by Muhammad Garba, Commissioner for information and internal affairs in the state.

Businesses begin rejecting old notes

Some businesses in the state have started rejecting the old naira notes since the deadline of February 10 set by the Central Bank of Nigeria lapsed.

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Commotion Erupts in Ondo as Residents Protest at CBN Over Rejection of Old Notes, Police Restores Normalcy

The governor said the old naira notes are still legal tender despite CBN insisting on February 10, 2023, deadline.

Ganduje added that the Supreme Court is clear on its interim order on old naira notes, which stopped the CBN from ending their circulation on February 10, 2023.

TheCable reports that the peeved governor said the state has seen business owners such as supermarkets, malls, banks, restaurants, hotels, traders, filling stations, and motor parks have started rejecting old naira notes.

He said:

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

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

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“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.”

Kano banks on Supreme Court order

The governor asked residents in the state to continue trading in old naira notes and report anyone who refuses to accept old naira notes.

The development comes as CBN declared on Tuesday, February 14, 2023, that old naira notes have ceased legal tender, leading to panic among Nigerians still in possession of the old notes.

Emefiele speaks on February 10 deadline, PoS charges, insists old naira notes no longer legal tender

Legit.ng reported that The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said there is no going back on the February 10 deadline for the cessation in the use of old naira notes as legal tender.

He stated this during a visit to the Minister of Foreign Affairs to discuss the CBN’s monetary and currency redesign policy.

According to the governor of the apex bank, PoS operators can go to the branches of the CBN to get compensation for the extra cost incurred while getting the new naira notes, instead of charging higher fees to customers, a Punch report says

Source: Legit.ng