Cash Scarcity: Kogi To Arrest, Prosecute Residents, Businesses Rejecting Old Naira Notes As CBN Remains Silent

• The Kogi State government is threatening to apprehend and prosecute individuals and businesses that reject old naira notes within the state
• The government believes that rejection of the old naira notes is a disobedience of the Supreme Court ruling
• The CBN has remained silent on the decision to extend the old, and new naira notes' validity for another 10 months

The Kogi State government has warned that individuals and businesses who reject old naira notes within the state will face arrest and prosecution.

According to the Commissioner for Information and Communication, Kingsley Fanwo, this action constitutes a clear disobedience of the Supreme Court ruling that both old and new naira notes are legal tender until December 31, 2023.

Fanwo, in a statement, urged citizens to report any such rejection to government authorities for prompt action, and emphasized that financial institutions that refuse to accept old naira deposits will be sealed.

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"You're disobeying the law": Akeredolu reveals what will happen if People Continue to Reject old naira notes

He said it is unacceptable that some persons and businesses continue to reject the use of the old naira notes.

The Commissioner asked the Kogi people to report anyone who rejects the old naira notes to security and government authorities for immediate action.

Tribune reports that the Kogi government also said that banks that refuse to accept old naira deposits should be sealed as the State Government will not accommodate financial institutions that wilfully disobey court orders, more so, the orders of the highest court in Nigeria.

The statement also revealed that the Kogi State Government has set up a high-powered Committee to ensure full adherence and compliance to the ruling of the Supreme Court.

Nigerians react

Sulaiman Yusuf, on his Twitter page, wrote:

"If businesses collect the money, how will they deposit it in the bank"

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Banks continue to dispense old notes as customers reject conditions for deposit

Abraham Christiana said:

"Old note, new notes there is no cash in the country"

CBN speaks as banks resume paying Nigerians in old naira notes, customers Kick

Legit.ng reported that the Central Bank of Nigeria (CBN) has denied telling banks to pay customers with old naira notes.

Isa Abdulmumin, the CBN spokesman who spoke to DailyTrust, said there was no official statement yet.

Legit.ng had reported that commercial banks began dispensing the old N500 and N1000 Naira notes.

Source: Legit.ng