Traders skeptical, as Abia govt orders use of old N500, N1000 notes

Continuous use of the old naira notes of N200, N500 and N1,000 till December 31, 2023 have been approved by the Abia State government.

The directive did not receive any compliance on its first day from shop owners and transporters, except few traders at the Ama Hausa market.

Abia government in a statement on Saturday signed by Chris Ezem, Secretary to the State Government, SSG, said the approval of the use of the old notes as legal tender was in accordance with the judgment of the Supreme Court which ruled in favour of applications brought before it by some State governments.

Abia State government in the statement said residents of the state were free to carry out their transactions using the old notes side-by-side with the new notes as stipulated by the Supreme Court ruling till December 31,2023.

The state government therefore warned individuals, groups or business owners against rejecting the old notes, saying doing so would attract sanctions,

The State government claimed rejecting the old naira notes contravened the Law of the Federal Republic of Nigeria.

The statement read,

“Further to the Supreme Court ruling extending the validity of the old 200,500 and 1000 naira notes as legal tender till December 31st 2023, Abia State Government advices Abians and residents in the State to feel free to carry out their financial transactions with the old naira notes alongside with the new notes as stipulated.

”Any individual, group, or business entity that rejects the old notes will be contravening the law of the Federal Republic of Nigeria and stand the risk of facing sanctions.”

“All should be properly guided.”