The Ekiti State government said it would arrest and prosecute traders and service providers who reject the old N500 and N1000 denominations.
This was disclosed in a statement by Mr. Yinka Olubode, the Special Adviser to the Ekiti State Governor on Media.
He urged traders to accept the old N500 and N1000 notes as they remain legal tender by virtue of the ruling of the Supreme Court which extended its validity till Dec, 31.
More details on this: The statement read that the Governor was worried about the hardships being faced by residents due to the low circulation of the new redesigned Naira notes, citing the March 3 ruling, extended the validity date for the old naira notes. Part of the statement said:
- “This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old naira notes till Dec., 31.
- “As honorable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old naira notes as means of transactions and not to inflict further hardship on one another by rejecting it.
- “Government will not hesitate to arrest and prosecute business owners found rejecting the old naira notes.”
The governor, urged the market women and men, artisans, transporters, filling stations, supermarket owners, and school proprietors to remain law abiding and accept the old naira notes, adding the CBN should make old and new currencies available.
In case you missed it: The Governor of Ondo State, Governor Rotimi Akeredolu had also earlier this week warned residents of the state that the refusal to accept old naira notes as directed by the Supreme Court is a flagrant disobedience to the law and the Central Bank of Nigeria.
He urged that the Supreme Court judgment implies that it removes the daily pain, discomfort, and trauma that people have faced over the past few months.
Akeredolu said he needed to address residents due to the need to halt a self-induced pain currently being experienced in the state on account of the circulation and use of the old naira notes in our economy.
- “It is of great concern to me, that a large section of our people in the state, particularly traders in our markets, taxi and bus drivers, barbers, auto mechanics, and artisans are rejecting the old naira notes thereby inflicting and sustaining needless pain on their fellow citizens and customers.”
Since there are no laws or regulations in Nigeria mandating businesses to trade with hard currencies… why is Ekiti state attempting to criminalize something that all businesses are well within their legal rights to do?
The very definition of legal tender refers to form of money that courts of law are required to recognize as satisfactory payment for any monetary debt, which largely constrains this debate of the validity of the old notes to the activities of Nigeria’s banks, not to its small businesses.
It’s amazing just how little supposed law-makers in this country actually know about the legal code of this nation…