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Kwara Govt Urges Commercial Banks to Support Citizens as Use of Old Naira Notes Continues

2 min read

Kwara State Governor AbdulRahman AbdulRazaq has urged residents of the state to collect and spend both old and new naira notes as they are still legal tenders in Nigeria. The appeal was made in a statement issued by the Chief Press Secretary to the Governor, Rafiu Ajakaye, on Tuesday.

According to the statement, the Supreme Court of Nigeria and the Central Bank of Nigeria have both confirmed that the old naira notes are still acceptable as legal tender in the country. The Governor, therefore, called on traders and marketers to stop rejecting old naira notes, including N500 and N1000 denominations, as it is a breach of the Supreme Court judgment and can cause economic hardship.

AbdulRazaq also implored commercial banks to provide support to the people of Kwara State to ease their transactions as they adjust to the acceptance of both old and new naira notes. He noted that the rejection of legal tender, including old naira notes, is a serious crime under Nigerian law.

The Governor’s appeal comes amid reports of some traders and marketers rejecting old naira notes, causing inconvenience to customers and exacerbating the ongoing economic challenges in the country. The move by the Kwara State Governor is expected to help ease the situation and promote the circulation of legal tender in the state.

It is worth noting that the Central Bank of Nigeria had recently issued a circular reminding Nigerians that the old naira notes remain legal tender alongside the new polymer notes. The circular was aimed at dispelling rumours that the old notes had been phased out and encouraging their continued use to facilitate commerce and trade in the country.

The Kwara State Government’s statement is expected to further reinforce the position of the Central Bank and promote the acceptance of both old and new naira notes across the state. It is hoped that this will contribute to the ease of economic transactions and help mitigate the impact of the current economic challenges in the country.

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