Old N500, N1,000 notes still remain legal tender in Ogun — Dapo Abiodun

The Governor of Ogun State, Dapo Abiodun, on Friday declared that the old N500 and N1000 notes are still legal tender in the state, affirming that the state government would punish commercial banks and business organizations that refuse to collect the old naira notes from the people.

The Governor made this revelation in Abeokuta, the capital of the state, while addressing a large number of bank customers during his campaign rally at Obafemi/ Owode Local Government Area.

“Any bank that does not collect old notes in Ogun State, not only will I shut that bank down, I will revoke their Certificate of Occupancy,” the governor said.

“It is a subsisting court order that clearly states that the status quo should be maintained in this matter. Until that order is vacated or determined, anybody that does otherwise is acting against the position of the court, the most respected court in this country.

“I am pleading and admonishing all banks to ensure that we collect old notes. As a responsible government, by tomorrow I will make further statements.”

Abiodun referred to the circumstance as unfortunate and unfair, as he persuaded the people to stay away from violent acts as efforts were ongoing to resolve the crisis of scarcity of the new naira notes.

He made a vow to stand with the interest of the people in order to make the hardship they are passing through an issue of the past.

The Governor said the state government was ready to distribute palliatives to the people as it was carried out during the COVID-19 pandemic.

On February 15, the governor issued warning to all commercial banks operating in the state not to reject the old naira notes from the people.

The Governor took to Twitter, to announce that any commercial bank that rejects the old naira notes will be shut down by his government.