‘Reject Old Notes, Lose Your Land’ — Ogun Gov Asks Residents To Ignore Buhari

The Ogun State government has threatened to revoke the certificate of occupancy (C of O) of any individual or business that complies with President Muhammadu Buhari’s instruction to stop treating old N1,000 and N500 as legal tenders.

Abiodun joins the likes of governors Nasir El-Rufai of Kaduna and Mohammed Badaru Abubakar of Jigawa who have rejected President Buhari’s pronouncement that some naira notes have ceased to be legal tenders in accordance with his administration’s currency redesign and cash swap policy.

The president delivered a state broadcast on Thursday, where he declared that the old notes (except N200) ceased to be legal tenders from February 10, 2023.

The FG introduced the currency redesign policy partly to mop up trillions of naira being kept outside the banking system by businesses and politicians who may want to use them for vote-buying during forthcoming elections.

Governor Abiodun, however, warned that any corporation or store caught rejecting the old notes in Ogun State would have themselves to blame.

He noted that governors of the All Progressives Congress (APC) had obtained an injunction from the Supreme Court directing the Federal Government and the Central Bank of Nigeria (CBN) to suspend the implementation of the policy.

“The Ogun State Government will be revoking the certificate of occupancy, CofO of any corporation or store that rejects old Naira notes from members of the public in the State in exchange for goods and services,” Abiodun warned in a tweet on Friday.

“Commercial outlets are hereby reminded that there is an existing court order by the Supreme Court, the apex court in Nigeria, directing that old notes remain legal tender,” Governor Abiodun declared.

Meanwhile, in his broadcast on Thursday, President Buhari said his administration was implanting the Naira redesign and cash swap policy in accordance with the law.

“All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices,” Buhari had said.

Elsewhere in his broadcast, Buhari said “To further ease the supply pressures particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.

“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”