Rejection of old notes disobedience to law, weakens economy – Akeredolu

Forum 1 year ago

Rejection of old notes disobedience to law, weakens economy – Akeredolu

Governor Rotimi Akeredolu of Ondo state has described rejection of old naira notes as flagrant disobedience to law, noting that rejecting the old currency notes will weaken the economy.

The governor disclosed this in a statewide broadcast on Thursday.

Akeredolu decried the rejection of old naira notes by a large number of traders and business owners in the state.

According to him, the rejection of the old notes would weaken the nation’s economy and cause great harm for local trade and business transactions.

Recall that the Supreme Court had ordered that the old currency notes must remain as legal tender in exchange of goods and services in the nation.

Akeredolu said, “It is therefore of great concern to me today, 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 a needless pain on their fellow citizens and customers.

“I, therefore, wish to inform you that the rejection of the old one thousand naira, five hundred naira and two-hundred-naira notes by us will do us no good. It will stifle our local trade and business transactions, weaken our economy and cause us great harm and avoidable troubles,” he said.

He appealed to commercial banks to increase the circulation of all currencies at their disposals and devise a more effective way to relieve congestion in the banks.

The governor urged residents of the state to embrace and accept the old notes alongside the new notes as stipulated by law.

“I hereby use this opportunity to appeal to you all, my good people of Ondo state, to embrace and accept the old notes alongside the new notes as stipulated by law. Let us not create a needless tension over the matter. Please collect, spend and exchange the old notes without let or hindrance,” he added.