President Muhammadu Buhari, in a national broadcast early morning of Thursday, February 16, 2023, announced that the old N500 and N1000 notes are no longer legal tender in Nigeria.
However, he said he has instructed the Central Bank of Nigeria (CBN) to allow the old N200 notes until April 10 to reduce the hardship Nigerians face due to the controversial Naira redesign policy.
Buhari then asked Nigerians to deposit their old N500 and N1000 notes at the CBN and other designated centres.
Nevertheless, some governors have defied the president’s order and directed residents of their states to continue to spend the old N500 and N1000 notes.
They said their residents should continue spending the notes until the Supreme Court rules otherwise.
Recall that some states dragged the federal government to the Supreme Court over implementing the Naira redesign policy.
In its latest sitting, the apex court adjourned the matter till Wednesday, February 22, and affirmed the validity of old 200, 500 and 1000 naira notes until the hearing.
Therefore, the governors asked their state residents to continue spending the old notes, which was against Buhari’s advice but in accordance with the Supreme Court’s order.
Here is the list of some of the governors:
1. Governor Nasir El-Rufai – Kaduna State: 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.
“To avoid 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 – Jigawa State: 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.
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 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,” the statement reads.
3. Dapo Abiodun – Ogun State: Dapo Abiodun, the governor of Ogun State, 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 the state.
4. Governor Babajide Sanwo-Olu – Lagos State
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 Supreme Court’s position 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.
