IN SPITE of the directive of the Central Bank of Nigeria (CBN) on the status of the N500 and N1,000 notes as legal tender, the governors of some states, including Kaduna and Ogun have told their residents to continue to use the bills.
The Kaduna State Governor, Nasir El-Rufai, in a state broadcast on Thursday, told citizens to continue to use the old N1,000 and N500 bills in the state. He made light of President Muhammadu Buhari’s directive to re-introduce just the old N200 banknote as a measure to curb the cash crunch in the country.
The vice presidential candidate of the Labour Party, Datti Baba-Ahmed faulted the governor’s comments on the continued use of the currencies and at a press conference in Abuja on Friday, said the Rufai’s comment amounts to treason, wondering why the governor can counter the directive of the President.
The governor of Ogun State, Dapo Abiodun, on Friday, threatened to sanction banks and business outlets in the state for rejecting the old notes.
During his re-election campaign in Obafemi/ Owode Local Government Area In Abeokuta, he told bank customers who had gathered to withdraw funds that, he will shut any bank that does not collect old notes in the state and revoke their Certificate of Occupancy.
According to him, a subsisting court order clearly “states that the status quo should be maintained in this matter. Until that order is vacated or determined, anybody that does otherwise is acting against the position of the court, the most respected court in this country.
“I am pleading and admonishing all banks to ensure that we collect old notes.”
Promising to make more responses on the matter, he pledged to cushion the hardships the naira crisis has subjected the residents of Ogun State to.
He described the situation as unfortunate and unacceptable and appealed to residents to not to resort to violence.
The CBN Spokesman, Mr Osita Nwanisobi, in a statement had stated that, “for the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to only reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.”