Abia State Government has ordered the immediate use of the old N500 and N1000 notes as legal tender following the ruling of the Supreme Court of Nigeria on March 3rd.
The Supreme Court ruled in a suit filed by the State Governors of Kaduna, Kogi, and Zamfara States that the Naira redesign policy was invalid and that the old notes should be used till 31st December 2023.
In a statement by the Secretary to the State Government, Barr. Chris Ezem on Saturday warned that any individual or business owners who reject the use of the old Naira notes stand to be sanctioned.
The statement reads, ‘Further to the Supreme Court ruling extending the validity of the old 200,500 and 1000 naira notes as legal tender till December 31st, 2023, Abia State Government advise Abians and residents in the State to feel free to carry out their financial transactions with the old naira notes alongside with the new notes as stipulated.
Any individual, group, or business entity that rejects the old notes will be contravening the law of the Federal Republic of Nigeria and stand the risk of facing sanctions.
All should be properly guided.’
Despite the ruling by the Supreme Court and the subsequent dispensing of the old notes by commercial banks, customers have refused to accept transactions in the old notes stating that the Federal Government and the Central Bank of Nigeria are yet to make a pronouncement on the judgment.
