Gov. Akeredolu urges citizens to collect and spend old notes

Ondo State Governor, Oluwarotimi Akeredolu has appealed to the citizens of the state to embrace, accept and spend the old notes alongside the new notes as stipulated by law. 

Akeredolu in a statewide broadcast on Thursday decried the rejection of old naira notes by a large section of traders and business owners in the state, saying they should exchange the old notes without any hindrance.

He further urged all media organizations in the state, traditional rulers, community leaders, and opinion molders to assist the government in educating the people, especially at the grassroots on the need to embrace and accept the old naira notes. 

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The Governor said the rejection of the old one-thousand naira (1000), five hundred naira (500), and two-hundred-naira (200) notes is flagrant disobedience to the law. 

Governor Akeredolu explained that rejecting the old naira notes will inflict and sustain needless pain on the people and customers. 

He noted that the matter of legitimacy and return into circulation of all old naira notes in the nation’s economy has been settled permanently by the Supreme Court of Nigeria.

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“The Apex Court had ruled that the old currency notes must remain as a legal tender in exchange for goods and services in the nation,” the governor added. 

Governor Akeredolu further appealed to the people to embrace and accept the old notes alongside the new notes as stipulated by law. 

While commending Commercial Banks within the State for receiving and paying with the old notes, he appealed for increasing the circulation of all currencies at their disposals and devise a more effective way to decongest the banks, especially at the ATM cash points. 

“For the avoidance of doubt, the judgment ordered that both the new and old notes should not only coexist but be accepted and used side by side by all Nigerians until the end of this year when the proper elimination and substitution of the old currency notes would have been completed.

“The implication of the Supreme Court judgement 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. 

“It is also geared towards ensuring stability, strength and vitality for our economy, particularly the informal economy which involves, on daily basis, the largest number of our people at the grassroots.

“If we may recall that from the onset of the Federal Government’s policy of Naira swap, our position as a state, was clear and unambiguous. We not only condemned the idea and process of implementation of the policy, we also canvassed for its total abrogation, given its timing and methodology. 

“We insisted on the need for the Federal Government to resolve the introduction of the cashless policy in favour of the common man. We did this because we believe the fundamental objective of the Government must be to see to the welfare and security of the people at all times. 

“It is not to inflict or add more to their pains.  We believe the people must be happy and free to live their lives legitimately without any pain, discomfort or trauma.”