Naira Crisis: Despite CBN stance, Ganduje threatens to sanction businesses rejecting old notes
The Kano State government has warned that it will not hesitate to revoke the operational licenses of major business owners or to take action against anyone who refuses to accept the old notes as a form of payment, despite the Central Bank of Nigeria’s (CBN) hard stance on the circulation of old Naira notes.
The old naira notes are still legal tender, according to Governor Abdullahi Umar Ganduje, who issued the warning in a statement released by the Commissioner for Information and Internal Affairs, Malam Muhammad Garba.
He claimed that the Supreme Court was adamant about its temporary restraining order over the usage of old naira notes, which would continue to be accepted as legal tender alongside new ones until a gradual and final phase out.
The governor added that some business owners, including supermarkets, malls, banks, restaurants, hotels, vendors in markets, filling stations, and motor parks, among others, have a tendency of refusing to accept old naira notes for transactions.
According to Ganduje, the unavailability of the new naira notes has made the already difficult situation worse since certain self-centered people are refusing to take the notes.
The redesign of the naira has had a significant impact on business and economic activity, and regrettably, some self-centered persons are taking advantage of the situation to further burden the populace by refusing to accept previous naira notes in transactions.
He claimed that the populace has already gone through unimaginable hardship and that the state government would not back down and for a few self-centered individuals to make matters worse.
The state’s governor urged residents to carry on with their legal errands and report anyone who refuses to take old naira notes to the relevant authorities.
