Ebonyi Govt vows to clamp down on Banks, individuals refusing old naira notes

The Ebonyi State government on Wednesday vowed to take decisive actions against any financial institution, transporters and business owners refusing to accept the old N500 and N1000 notes.

A statement issued by the Commissioner, Ministry of Finance and Economic Development, Orlando Okechukwu Nweze said anyone refusing to transact with the old notes is violating the law.

The statement reads, “all concerned should be informed that the Central Bank of Nigeria announced on March 13th, 2023, that the old banknotes of N200, N500, and N1000 are to continue as legal tender until December 31st, 2023.

“To this announcement by the Central Bank of Nigeria, everyone, including but not limited to institutions, businesses, transporters, markets, and banks, are mandated to accept the old N200, N500, and N1000 banknotes as legal tender until December 31st 2023.

“Any of the aforementioned that refuses to accept old N200, N500, and N1000 notes as legal tender will be going against the law, and the State Government will use all available legal means to take decisive action against such.

“We also wish to use this medium to inform Ebonyians that His Excellency the Governor (Engr David Umahi) has been at the forefront of making sure that these approved banknotes are accessible and accepted to reduce the hardship on the citizenry.

“Ebonyians are encouraged to go about their normal businesses and to report any act of non-compliance by any business or bank by calling or sending a text message to the following numbers”.