On Friday, the Kogi State Government ordered the arrest and prosecution of individuals and companies who refused to accept outdated naira notes.
A statement by Commissioner for Information, Kingsley Fanwo commended Nigerians on the “historic verdict of the Supreme Court”.
The Supreme Court declared this week that both the old and new naira notes are lawful tender until December 31, 2023.
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Fanwo added that the Yahaya Bello administration joined other states in pursuing the case in order to alleviate the hardship caused by the lack of funds.
He deemed it intolerable that some individuals and businesses continue to reject the old notes, notwithstanding the court’s approval of their usage.
“Rejecting the old naira notes is a clear disobedience of the Supreme Court ruling,” the commissioner stressed.
“Anyone who rejects the old naira notes should be reported to security and government authorities for immediate action. Also, banks that refuse to accept old naira deposits shall be sealed.”
Fanwo warned that the government will not accommodate financial institutions “that willfully disobey court orders, moreso, the orders of the highest court in Nigeria”.
UPDATE: Banks To Start Over-The-Counter Payment Of New Notes
“Since the banks are issuing the old naira notes, they are bound to also receive it. We cannot continue to kill our economy after the Supreme Court has granted us freedom.”
The announcement announced the formation of a high-powered committee to ensure strict respect to the ruling.
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