Caught in the web of póor patronage, following the ongoing cash crunch in the country, some traders in Lokoja, Kogi State, North Central Nigeria on Saturday, rescinded their decision not to accept old naira notes as payments for their goods and services.

Our Correspondent who visited the old and new markets in Lokoja on Saturday reports that buyers were seen paying for goods, especially food items, purchased, with old N500 and N1,000 notes, side by side with the new naira notes.

DAILY POST investigation showed that the threat by the Kogi State government to arrest and prosecute anyone or business owners who reject the old naira notes yielded dividends on Saturday as some traders accepted the old N500 and N1,000 as legal tender.

Some transporters and supermarket owners were also seen accepting the old naira notes as a mode of payment.

DAILY POST recalls that the 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 reminded those concerned that the Supreme Court, in its ruling, ordered 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.”

Meanwhile, the cash crunch that hit the country about a month ago remained as at the time of this report as many bank customers who went to their banks to withdraw money from ATMs told our correspondent that they went back home disappointed.

https://dailypost.ng/2023/03/12/cash-scarcity-traders-in-kogi-rescind-decision-on-old-naira-notes/

To pay it into which bank? White Lion Bank of Kogi?

Make every Governors do wetin the Kogi State Government do

The old note giving to apc governors, reps, senator by lagos landlord.