Residents Defile Lagos State Gov’t Warning, Continue To Reject Old Naira Notes

Despite warning against rejection of old Naira notes by Lagos State Government on Wednesday, residents of the state have continued to reject them.

The State Commissioner for Information & Strategy, Gbenga Omotoso, who gave the warning in a statement had said that those rejecting the old notes should desist from doing so or face prosecution.

The Central Bank of Nigeria (CBN) redesigned the N200, N500 and N1,000 denominations, and set January 31 as deadline for their legal tender status. But had to extend the deadline by 10 days (February 10) to allow for circulation of the new notes and mop up the old ones.

However, as a result of the challenges people are facing to access the new notes, governors of three All Progressives Congress -led states of Kaduna, Kogi, and Zamfara, filed an an exparte motion at the Supreme Court to restrain the CBN and the Federal Government from implementing the February 10 deadline of the old notes as legal tender.

The apex court last week granted the request of the three states and restrained the CBN and the Federal Government from implementing the February 10 deadline. But it appears the CBN is not ready to obey the court order.

The Supreme Court on Wednesday adjourned the hearing of the matter till February 22.

Omotoso in the statement had noted that Lagos has joined the dispute at the Supreme Court on the new monetary policy of the CBN.

Speaking with THE WHISTLER on Friday, a commercial bus driver who gave his name as Wasiu, said he stopped accepting old Naira notes because even commercial banks are rejecting them.

Wasiu who plies Victoria Island – Lekki new market route was seen by our correspondent warning passengers not to board his vehicle with old Naira notes, except the N200 old note.

President Muhammadu Buhari had on Thursday, during a national broadcast, granted a 60 day extension for the circulation of the old N200 notes.

“I no longer accept old Naira notes because the banks are rejecting them. I still have N16,000 of the old notes. I don’t know what to do with them now,” Wasiu said

When asked if he was not worried that he could face prosecution for rejecting old notes, he said: “Prosecution? For what? They should first of all arrest those working in banks who are rejecting the old notes. It is not my fault.”

Another commercial bus driver, Lekan, who plies Obalende- Ajah route told our correspondent that he could not buy fuel with the old notes of N500 and N1,000 on Thursday, and for that reason, he has stopped accepting them.

“The filling stations are rejecting them. I was at a filling station this morning. They didn’t sell fuel to me because I gave them old notes. The 1,000 and N500 notes have become useless. I don’t accept them anymore. I only accept N200 old note,” he said.

A waitress at one of the five-star hotels located in Ikeja GRA, Victoria, said that the hotel management has instructed all members of staff to stop accepting old Naira notes.

She said: “We have been instructed by the management to stop accepting old Naira notes. People out there are rejecting them, so that’s why we were asked to stop accepting them, except old N200 note.”

Also speaking with THE WHISTLER, a hawker in Ikeja who did not give her name told our correspondent that she has stopped to accept the old notes of N500 and N1,000.

Meanwhile, the State Attorney-General and Commissioner for Justice, Moyosore Onigbanjo (SAN) while making appearance on TVC Business Show on Thursday, said that petrol stations, banks and others who reject the old notes could be prosecuted.

Onigbanjo said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges”.

The Attorney-General who acknowledged the enormous power that Buhari as the president of the country has, noted that he cannot overrule the order of the Supreme Court or any other court in the country.

According to him, the position of the Supreme Court on the new monetary policy of the CBN remains valid.