Akeredolu Condemns Rejection Of Old Naira Notes

Ondo State Governor Rotimi Akeredolu yesterday condemned the rejection of the old naira notes by residents and the informal sector of the economy. In a state-wide broadcast, he said the hardship in the state following the rejection of the old banknotes and the scarcity of the new notes was avoidable.

Akeredolu described the rejection as unfortunate, undesirable, and uncalled for. He said: “Our people will recall that the apex court in its recent judgment, among others, ruled that the old currency notes must remain as a legal tender in exchange for goods and services in the nation.

“For the avoidance of doubt, the court ordered that both the new and old notes should not only coexist but be accepted and used side by side by all Nigerians until the end of this year when the proper elimination and substitution of the old currency notes would have been completed.

“The Supreme Court judgment implies that it removes the daily pain, discomfort, and trauma being faced by the people of this country occasioned by the scarcity of the new notes. It is also geared towards ensuring stability, strength, and vitality for our economy, particularly the informal economy which involves, on a daily basis, the largest number of our people at the grassroots.

“If we may recall from the onset of the Federal Government’s policy of naira swap, our position as a state was unambiguous. We not only condemned the idea and process of implementation of the policy, but we also canvassed for its total abrogation, given its timing and methodology. We insisted on the need for the Federal Government to resolve the introduction of the cashless policy in favour of the common man.”