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Regardless of the pronouncement by governors of Kano and Jigawa states, Abdullahi Ganduje, and Muhammad Badaru, that the previous N500 and N1000 notes stay authorized tender of their respective states, merchants and residents of the states are rejecting the previous forex notes.
Residents of the neighbouring states may be seen trooping to deposit the previous naira notes to the Central Bank of Nigeria (CBN) in each states as directed by the federal authorities.
On Thursday, the Jigawa State authorities took a counterposition to that of President Muhammadu Buhari, who insisted towards a Supreme Courtroom injunction that the previous N500 and 1000 notes had been not authorized tenders.
Governor Badaru urged residents within the state to proceed to make use of the currencies as lawful technique of fee for items and companies and for different enterprise transactions. The state authorities premised its choice on the ruling of the Supreme Courtroom.
“Jigawa State Authorities respects the rights of its folks and people rejecting the now-old currencies are enjoined to desist from disobeying the regulation and inflicting hardship to the folks of Jigawa State. Jigawa State Authorities won’t hesitate to make use of part 287(1) of the Structure (as amended) and different extant legal guidelines to implement the order of the Supreme Courtroom of Nigeria.
Governor Ganduje too, warmed enterprise house owners throughout the state rejecting the previous naira notes to desist from doing so. He threatened to revoke licenses and convert constructions of business banks into public faculties for refusing to simply accept the previous N500 and N1,000 notes.
Mr Ganduje requested residents to proceed to transact with the previous and new notes. The governor additionally vowed to seal off any enterprise facility that refuse to simply accept the previous notes as authorized tender and prosecute the house owners.
In each states, PREMIUM TIMES noticed between Thursday and Saturday, residents had been conducting their routine companies adopting the cashless coverage. Nonetheless, they had been rejecting the previous forex notes.
A resident of Dutse, Jigawa state capital, Rufai Adamu, lamented that regardless of the state’s authorities order, enterprise house owners together with petrol stations and shops are rejecting the previous naira notes.
“The unlucky a part of it’s that many of the companies rejecting the previous naira notes can’t present one other fee different. Some are additionally rejecting inter banks transfers, maybe, attributable to repeated community failure,” Mr Adamu stated.
On Saturday, a journalist in Jigawa, Ali Rabiu, who visited Taura and Ringim Native Authorities areas observed that the N500 and N1,000 ceased to be authorized tender.
I used to be in Taura for a marriage, and they’re rejecting the previous naira notes, on my approach coming again I transited to Ringim to purchase one thing, and I used to be additionally instructed that they aren’t accepting the previous naira notes.
Partial distinction in Kano
In Kano, some retailers are amassing previous naira notes for the promoting of particular merchandise.
Abdullahi Employee instructed PREMIUM TIMES, that between Friday and Saturday, some egg sellers within the Gaida space within the Kano metropolis had been amassing the previous naira notes from residents who needed to buy eggs.
“I witnessed how retailers promoting eggs are amassing the previous naira notice, however no matter amount of cash you might be spending, they received’t provide you with a change, they usually have elevated the worth of the egg for consumers with the previous naira notes,” Mr Employee stated.
Nonetheless, identical to in Jigawa, merchants in Kano are additionally rejecting the previous naira notes.
On Friday, a traveller, Ibrahim Haruna, stated his deliberate journey to Adamawa State from Kano onboard the Kano authorities mass transit (Kano Line). It was, nevertheless, delayed as a result of the administration of the motor parks didn’t gather the previous naira notes from him.
READ ALSO: Courtroom throws out go well with difficult CBN’s cashless coverage
“Going by the announcement by the federal government on the gathering of the previous forex, I used to be assured that they are going to gather the previous naira notes however upon my arrival to the park, I learnt that the state of affairs was opposite to the federal government’s choice, however I used to be fortunate that I paid via e-transfer,” Mr Haruna stated.
On Saturday, PREMIUM TIMES’ correspondent went round in Kano and observed that merchants are rejecting the previous naira notes. How some detergents hawkers are making brisk companies amassing the previous naira notes.
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