List of Governors Who Have Asked Residents to Continue Spending Old Naira Notes
In the early morning of Thursday, February 16, President Muhammadu Buhari announced that the old N500 and N1000 notes are no longer legal tender in Nigeria.
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He, however, said he has instructed the Central Bank of Nigeria (CBN) to allow the old N200 notes until April 10 in a bid to reduce the hardship Nigerians face as a result of the controversial Naira redesign policy.
The president asked Nigerians to deposit their old N500 and N1000 notes at the CBN and other designated centres.
Nevertheless, some governors have defied the president and directed residents of their states to continue to spend the old old N500 and N1000 notes.
They said their residents should continue spending the notes until the Supreme Court rules otherwise.
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Legit.ng notes some states dragged the federal government to the Supreme Court over the implementation of the Naira redesign policy.
The apex court in its latest sitting adjourned the matter till Wednesday, February 22, and affirmed the validity of the use of old 200, 500 and 1000 naira notes until the hearing.
Thus, the governors asked their state residents to continue spending the old notes, against Buhari's advice but in line with the order of the Supreme Court.
These are some of the governors:
1. Governor Nasir El-Rufai
In a statewide broadcast on Thursday night, Governor Nasir El-Rufai asked the residents of Kaduna state to continue to spend the old notes until the Supreme Court rules on the matter.
"For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna state until the Supreme Court of Nigeria decides otherwise.
"I therefore appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear," El-Rufai said.
He said the Kaduna state government will seal any facility that refuses to accept the old notes as legal tender and prosecute the owners.
2. Governor Mohammed Badaru Abubakar
The governor of Jigawa state, Mohammed Badaru Abubakar, has also asked the residents to continue spending the old Naira notes.
In a statement released by the Jigawa State Commissioner for Information, Youths, Sports and Culture, Bala Ibrahim, the governor warned those rejecting the old Naira notes to desist from such, The Nation reported.
He vowed to enforce the Supreme Court order which restrained the federal government from banning the old naira notes as legal tender.
“Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardship to the people of Jigawa State.
"Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria," the statement read.
The Jigawa state governor urged the people to report any traders or business organisation that refuses to accept the old N200, N500 and N1000 notes as legal tender "to the nearest appropriate authorities.”
3. Dapo Abiodun
The governor of Ogun state, Dapo Abiodun, has also warned commercial outlets against rejecting the old Naira notes.
"Commercial outlets are hereby reminded that there is an existing court order by the Supreme Court, the apex court in Nigeria, directing that old notes remain legal tender," he tweeted.
He vowed to revoke the certificate of occupancy, CofO of any corporation or store that rejects old Naira notes from members of the public in Ogun state.
4. Governor Babajide Sanwo-Olu
The governor of Lagos state, Babajide Sanwo-Olu, spoke through the Attorney-General and Commissioner for Justice, Moyosore Onigbanjo.
While Onigbanjo did not explicitly say the residents should continue spending the old notes, he maintained that the position of the Supreme Court on the naira redesign policy remains valid.
The AG said the rejection of the old notes by some persons and institutions in the country was contrary to the stand of the apex court, adding that petrol stations, banks and others who were rejecting the old notes could be prosecuted, The Punch reported, citing TVC Business Show as its source.
Note: This is a developing story. It will be updated as more governors make announcements.
CBN asks Nigerians to return old N500, N1000 Notes to commercials banks, gives Condition
Meanwhile, in the latest development, the CBN has confirmed exclusively to Legit.ng that Nigerians can return their old N500, N1000 notes to commercial banks.
CBN’s spokesman, Osita Nwanisiobi told Legit.ng that Nigerians can return the old notes but stated that they can only return anything from N500,000 and below to the commercial banks.
"Yes only N500,000 and below could be returned to commercial banks but anything above that should be sent to the CBN," Nwanisiobi said.