Individuals and businesses rejecting the old naira notes in Kogi State risk being arrested, the state government has warned.
The state government also threatened to seal any bank that rejects the old naira notes.
The warning is contained in a statement signed by Commissioner for Information and Communications, Mr Kingsley Fanwo in Lokoja.
The Supreme Court on Wednesday ordered that the old N200, N500 and N1,000 notes remained legal tender in Nigeria until December 2023.
The judgement voided an earlier presidential directive maintaining that the old N500 and N1,000 notes ceased being legal tender on February 10, 2023.
In the statement, the Kogi government congratulated Nigerians on the “historic ruling of the Supreme Court, the highest court in Nigeria”.
“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,” the state government said.
The commissioner said that the Kogi government joined its counterparts from other states to pursue the case to ease the hardship occasioned by the unavailability of the new naira notes, which the court fully granted.
“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 validating 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.
“Kogites should note that since the banks are issuing the old naira notes, they are bound to also receive it. We cannot continue to kill our economy after the Supreme Court has granted us freedom,” the statement further read.
The commissioner disclosed that the state government has set up a high-powered committee to ensure full adherence and compliance to the ruling of the Supreme Court.
“Members of the Committee are 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, Kogi Enterprise Development Agency.
“The Committee is to ensure that our people take full benefits of the Supreme Court ruling on the old naira notes and ease the hardship they have been subjected to by the policy that brought so much hardship to the people,” the statement also read.