Business
Old naira notes rejection: Abia govt threatens to punish business owners, others
The Abia State Government on Saturday threatened to sanction any business entity, person or group that rejects the old N500 and N1000 naira notes for business transactions in the state.
This was contained in a statement issued by Mr Chris Ezem, the Secretary to the State Government and made available to newsmen in Umuahia.
Ezem said the decision was in line with the Supreme Court ruling extending the validity of the old N200, N500 and N1000 notes as legal tender.
The apex court had recently ruled that both the old and new naira notes remain legal tenders until December 31, 2023.
“Abia State Government advises Abia residents to feel free to carry out their financial transactions with the old naira notes alongside the new notes as stipulated,” Ezem said.
“Any individual, group or business entity that rejects the old notes will be contravening the law of the Federal Republic of Nigeria and stands the risk of facing sanctions.”
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