Caught in the web of poor patronage, following the ongoing cash crunch in the country, some traders in Lokoja, Kogi State, on Saturday, rescinded their decision not to accept old N500 and N1,000 naira notes as payments for their goods and services.
Buyers were seen paying for goods, especially food items with old N500 and N1,000 notes, side by side with the new naira notes.
Recall that Kogi State government threatened to arrest and prosecute anyone or business owners who reject the old naira notes.
Some transporters and supermarket owners were also seen accepting the old naira notes for services and goods purchased.
The state Commissioner for Information and Communications, Kingsley Fanwo in a statement in Lokoja on Friday, warned that “persons and businesses” risk arrest and prosecution in the event that they reject the old naira notes.
He referred to the Supreme Court ruling ordering that the old and new naira notes remained legal tender until December 31, 2023.
He said:” What this means is that both the old and new naira notes can be accepted for the purpose of transacting business till the end of this year.
“It is therefore unacceptable that some persons and businesses will continue to reject the use of the old naira notes, even after the court judgement validated their use.
“Rejecting the old naira notes is a clear disobedience of the Supreme Court ruling.
“Anyone who rejects the old naira notes should be reported to security and government authorities for immediate action.
” Also, banks that refuse to accept old naira deposits shall be sealed as the State Government will not accommodate financial institutions that willfully disobey court orders, moreso, the orders of the highest court in Nigeria.
“The State Government has therefore set up a high-powered Committee to ensure full adherence and compliance to the ruling of the Supreme Court.”