Naira Swap: Jigawa declares old N500, N1000 notes remain legal tender, warns banks, businesses, MDAs against rejection

*The Jigawa State Government of Nigeria says the state respects the rights of its citizens, and enjoins those rejecting the two old banknotes to desist from ‘disobeying the law and causing hardship to the people’ of the state

Isola Moses | ConsumerConnect

Against the backdrop of President Muhammadu Buhari’s recent pronouncement on old Naira notes, the Jigawa State Government has resolved to uphold the Supreme Court order restraining the Federal Government from phasing out the old Naira notes as legal tender.

ConsumerConnect reports President Buhari, in his national broadcast Thursday, February 16, 2023, had affirmed the invalidity of old N500 and N1000 notes as legal tender in the economy since February 10, 2023.

A consumer counting old N500 and N1000 notes

The President rather directing the CBN to issue old N200 notes into circulation as legal tender for the next 60 days.

However, the Jigawa State Government has in a notice to the the residents of the state said the commercial banks, corporate organisations, government ministries, agencies, and traders must accept the old notes or face sanctions from the state government.

Bala Ibrahim, Honourable Commissioner for Information, Youths, Sports and Culture in the state, in a statement said: “The Jigawa State Government wishes to inform members of the Public that, it has come to its notice some individuals and corporate bodies are rejecting the now-old N200, N500 and N1000 notes.

“The Jigawa State Government is concerned about the conduct of such individuals and corporate bodies.

“As a law-abiding Government, there are suits by various State Governments of which Jigawa State is among before the Supreme Court of Nigeria.

“The court has issued an order restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or commercial banks, ministries, parastatals, organisations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on 10 February, 2023, the time frame within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender pending the hearing and determination of the motion on notice.”

The Commissioner also stated: “Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardship to the people of Jigawa State. “Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria.”

The statement noted: “For clarity, the section provides, ‘the decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court.

“People are advised to report any traders or business organisation that refuses to accept the now-old N200, N500 and N1000 notes as legal tender in Jigawa State to the nearest appropriate authorities.”