Naira: Despite CBN stance, Ganduje threatens to sanction businesses rejecting old notes

Despite the hard Stance of the Central Bank of Nigeria, CBN, on the circulation of old Naira notes, the Kano State government has warned that it would not hesitate to revoke the operational licenses of major business owners or take action on anyone who refuses to accept the old notes as a means of transaction.

Governor Abdullahi Umar Ganduje, who handed down the warning in a statement issued by the Commissioner for Information and Internal Affairs, Malam Muhammad Garba, said the old naira notes are still legal tenders.

He said the Supreme Court was emphatic on its interim injunction on the issue of old naira notes which would continue to be used as legal tender hand in hand with the new ones until a gradual and final phase-out.

The governor noted that it has come to the notice of the government that some business owners such as supermarkets, malls, banks, restaurants, hotels, traders in markets, filling stations, and motor parks, among others, are in the habit of rejecting the old naira notes for transactions.

Ganduje claimed that the non-acceptance of the notes by some selfish individuals is further worsening the already tense situation exacerbated by the non-availability of the new naira notes.

“Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centred individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions,” the statement added.

He said the people have suffered enough untold hardship and therefore the state government would not fold its arms and allow a few selfish elements to worsen the situation.

The governor called on the people in the state to continue with their lawful businesses and report anyone who refuses to accept the old naira notes to the appropriate quarters.