Rejecting old naira notes, for now, will land you in trouble.
The CBN deadline for old naira notes
On Sunday, February 12, 2023, at 12:32 WAT, the Kano state government shut down a popular supermarket, and Welcare ova accused dem of rejecting old naira notes despite the Supreme Court’s order requiring people to continue using them.
After the shutdown, some Kano state government officials posted on social media and asked people to name shops or businesses in their area. They also asked people not to stop using old naira notes so that they don’t go out of business as Welcare did.
After the naira redesign policy, the Central Bank of Nigeria set a date for when the old naira notes could be used in Nigeria again.
Governor Abdullahi Ganduje and Yarn say anyone who does not collect old naira notes violates the order of the Supreme Court. The order to shut down was carried out by Baffa Dan Agundi, who is the acting chairperson of the Kano Consumer Protection Council.
This is the role that I will keep as Senior Special Assistant to the Governor. Abubakar Ibrahim requested that people use social media to send the addresses of businesses that do not collect old naira notes so that action could be taken.
Across the state, many businesses continue to collect and do their business without any problems.
People who reject old Naira notes will be arrested. Zamfara Governor Bello Matawalle orders the arrest of anyone who refuses to accept the old Naira note.
“Bello Matawalle, the governor of Zamfara State, has told the police to arrest anyone who won’t take the old N200, N5,000, and N1,000 notes.
Governor Yarn says that old notes will still be accepted as payment until the Supreme Court decides the case brought by the governors of Kaduna, Kogi, and Zamfara states in the north against the Central Bank of Nigeria and the federal government.
According to Matawalle’s ministerial aide, Jamilu Iliyasu, “anyone who refuses to accept the old currency notes of N200, N500, and N1000 in the state should be arrested.”
People can use old notes for years, according to Kaduna Governor El-Rufai.
In a video that went viral a few days ago, Governor Nasir El-Rufai asked people in Kaduna state to continue using old notes without fear of the next APC government changing its policy.
“Stop returning your money to the banks; nobody is going to devalue your money; I beg you; it’s just a matter of time, and the election is only 18 days away.” Wait to hear what Bola Tinubu says after the election. He will change the policy. “Whatever we call it, many Nigerian businesses continue to deal in old naira notes because new ones are scarce, and the Supreme Court has the final say on this matter.”
Abubakar Malami, who is the Attorney-General of the Federation (AGF), has asked the Supreme Court to throw out the case that the three states filed to challenge the Central Bank of Nigeria’s (CBN) naira redesign policy.
After the Supreme Court issued an interim injunction to stop the Nigerian government from stopping people from using the old 200, 500, and 1,000 naira notes as legal currency on February 10,
Barrister Wada Wada, a legal practitioner, tells BBC News Pidgin that whatever the Supreme Court decides in this case on February 15, 2023, will be the final word on this matter.
The three states want the Supreme Court to halt the naira redesign policy because of the associated crisis.
“Whatever dem tok on Wednesday is binding because the Supreme Court is the highest court in the land and its decisions are binding,” he says.
“If CBN or the federal government does not toe the line that the Supreme Court has set, that is a serious offence.”
The policy has an impact on many regions of the nation because some banks hoard new naira notes and customers encounter both new and old naira notes at counters and ATMs.This causes some irate customers to attack banks and stage protests in various parts of the country.
In Effurun, Delta State, one video shows bank customers climbing steps to escape. Angry customers who don’t see any cash to withdraw begin attacking bank employees. Other videos show some bank customers exposing themselves to protest the fact that they were unable to collect money from the bank.
Other videos show ATMs that angry customers destroy in Abeokuta, Ogun State, because of a lack of access to cash. Some banks close to ensure the safety of their employees, while others close early and take safety measures.
To calm their customers, viral videos show how some banks buy soft drinks for their customers inside the banking hall and the ones queuing to use the ATMs.
The CBN deadline for old naira notes will be known on February 15 .