Lagos, Kano, and Other Governors Insist N500, N1000 Notes Are Still Legal in Their States
- Some state governors are going against the directives of President Muhammadu Buhari on banning the old N500 and N1000 notes
- Lagos, Kaduna, and Kano states have asked their residents to continue transacting with the old naira notes
- The states are of the position that only the Supreme Court order remains valid on the matter
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Despite President Muhammadu Buhari's address on Thursday, February 16, 2023, telling Nigerians that only the old N200 notes will remain legal tender until April 10, 2023, many state governors have asked residents in their states to go on transacting with the old N5000 and N1000 notes.
The governors say the old notes remain legal tender until the Supreme Court rules on the matter on February 22, 2023.
Governors disregard President's directives
According to the governors, only the Supreme Court verdict is valid.
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Recall that the apex court ordered the Central Bank of Nigeria (CBN) to maintain the status quo and allow old naira notes to circulate alongside the new ones after CBN's February 10, 2023, deadline.
On Tuesday, February 14, 2023, the CBN declared all three banknotes illegal in the country and asked Nigerians to redeem the old notes at its branches nationwide.
The apex bank also opened a portal for Nigerians to redeem old banknotes across the country.
The CBN's pronouncement set off panic across the country, leading many to hurry to their banks with the hope of depositing old naira notes.
But many state governors insist on obeying the Supreme Court order and have told their residents to continue to transact with the now illegal banknotes, as per CBN.
Supreme Court ruling remains valid, says Lagos AG
After Buhari's address, the Lagos state attorney-general and commissioner for Justice, Moyosore Onigbanjo, stated that the Supreme Court's decision on the naira redesign of the CBN remains valid.
Onibanjo said rejecting the old banknotes goes against the apex court, stating that petrol stations, banks, institutions and others persons still refusing the old banknotes could be prosecuted.
The Punch reports that Onibanjo said this on TVC's Business Show on Thursday, February 16, 2023, after Buhari's nationwide address.
The Lagos State chief law officer also condemned the high charges by Point of Sale (PoS) operators, asking residents affected by the policy to press charges.
Kaduna counters Buhari declares all naira notes legal tender
Kaduna state governor Nasir El-Rufai, also declared that all banknotes remain legal tender until the Supreme Court rules on the matter.
According to reports, El-Rufai stated this in a statewide broadcast on Thursday, February 16, 2023, after Buhari's address.
Kano adamant on old naira notes
Despite not issuing any contrary pronouncement after Buhari's broadcast, the Kano state government maintained that it would prosecute banks, businesses, and PoS operators rejecting the old naira notes.
Governor Abdullahi Ganduje ordered the arrest of supermarket owners who defied the state's directives.
Buhari says old N500, N1000 notes no longer legal tender, gives CBN stern order on N200 Notes
Legit.ng reported that President Muhammadu Buhari has said that old N500 and N1,000 notes remain illegal in Nigeria.
The President stated this on Thursday, February 16, 2023, during his nationwide address to Nigeria over chaos caused by the scarcity of naira notes in the country.
Buhari, who apologised to Nigerians over the cash crisis, said that the old N200 note will remain legal tender for 60 days, citing April 10, 2023, as the new deadline.