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Reading: Kogi threatens to close banks rejecting old notes
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Nigeria

Kogi threatens to close banks rejecting old notes

The Kogi State government has warned banks and individuals rejecting old naira notes, stating that such actions will lead to immediate arres...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief March 10, 2023
Updated March 10, 2023 at 3:54 PM
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Kogi threatens to close banks rejecting old notes
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Kogi threatens to close banks rejecting old notes
The Kogi State government has warned banks and individuals rejecting old naira notes, stating that such actions will lead to immediate arrest and prosecution. 

According to a statement signed by Kingsley Femi Fanwo, the Commissioner for Information and Communications, the state government has directed that anyone who rejects old naira notes should be reported to security and government authorities for immediate action.

The statement also warned that banks that refuse to accept old naira deposits will be sealed. The state government will not accommodate financial institutions that willfully disobey court orders, particularly the demands of the highest court in Nigeria. 

The government had joined other state governments in the country to pursue a case to ease the hardship occasioned by the unavailability of new naira notes, a claim the court fully granted.

The state government described the court ruling as a welcome development, adding that old and new naira notes can be accepted to transact business until the end of the year. The government urged Kogites to note that since the banks are issuing the old naira notes, they are bound to receive them.

To ensure full adherence and compliance to the Supreme Court ruling in the state, the government has set up a high-powered Committee comprising the Commissioner for Finance, Budget and Economic Planning; Commissioner for Information and Communications; Commissioner for Commerce and Industry; the State Security Adviser, and the Managing Director of Kogi Enterprise Development Agency. 

The committee is tasked with ensuring that the people of the state take full benefits of the Supreme Court ruling on old naira notes and ease the hardship they have been subjected to by the policy that brought so much trouble to the people.

Tags: Nigeria

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