‘Halt self-induced pain’ — Akeredolu asks residents to accept old naira notes

Rotimi Akeredolu, governor of Ondo, has asked residents to stop the “self-induced pain” experienced in the state due to the continued rejection of the old N200, N500, and N1000 notes by business owners.

Last week, a seven-member panel of supreme court ruled that the old notes remain legal tender until December 31, 2023.

TheCable reported that banks started issuing the old notes to customers on Tuesday.

But traders and business owners are reportedly still rejecting the old notes in some states across the country — including Ondo.

Akeredolu, speaking to residents in a statement, said the rejection of the old naira notes was an obvious disobedience to the law, adding that such act would inflict needless pain on the residents.

“It is imperative that I address you today because of the need to halt a self-induced pain currently being experienced by us all in the state. This is on account of the circulation and use of the old naira notes in our economy,” he said.

“It is of great concern to me, 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 needless pain on their fellow citizens and customers.

“This is unfortunate and unexpected. It is a flagrant disobedience to the law and the central bank directives.

“I, therefore, wish to inform you that the rejection of the old N1000, N500 and N200 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.

“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 needless tension over the matter. Please collect, spend, and exchange the old notes without any hindrance.”

‘CIRCULATION OF OLD NOTES PERMANENTLY SETTLED’

Akeredolu also stressed that the matter of legitimacy and return into circulation of all old naira notes in the nation’s economy had been settled permanently by the supreme court.

He said the apex court has ruled that the old naira notes must remain legal tender.

The politician explained that the implication of the supreme court judgment is that “it removes the daily pain, discomfort and trauma being faced by the people of this country occasioned by the scarcity of the new notes”.

“It is also geared towards ensuring stability, strength and vitality for our economy, particularly the informal economy which involves, on daily basis, the largest number of our people at the grassroots,” Akeredolu added.

“If we may recall that from the onset of the federal government’s policy of naira swap, our position as a state was unambiguous.

“We not only condemned the idea and process of implementation of the policy, but we also canvassed for its total abrogation, given its timing and methodology.

“We insisted on the need for the federal government to resolve the introduction of the cashless policy in favour of the common man.

“We did this because we believe the fundamental objective of the government must be to see to the welfare and security of the people at all times.

“It is not to inflict or add more to their pains. We believe the people must be happy and free to live their lives legitimately without any pain, discomfort or trauma.”

Akeredolu also commended commercial banks in the state for receiving and paying with the old notes.

He appealed to them to increase the circulation of all currencies at their disposal and devise more effective ways to decongest the banks, especially at the automated teller machines (ATM) points.