Accept Old N500, N1000 Notes, Obaseki Urges Edo Residents

By Lucky Isibor

Edo State Governor, Mr Godwin Obaseki has urged residents of Edo State to accept the old N500 and N1000 notes in their transaction noting that the Supreme Court has laid the matter to rest as they now legal tenders again.

In a statement signed by the Edo State Commissioner for Communication and Orientation, Hon. Chris Nehikhare stated that the Governor noted that the old Naira notes are now to be accorded the same treatment as the new notes in line with the Supreme Court judgement.

According to the statement, "Following the Supreme Court ruling on the circulation of old N500 and N1000 notes, the Edo State Governor, Mr. Godwin Obaseki, calls on residents in the State to accept the old notes. 

"The old notes are to be treated and exchanged just as the new ones and are necessary to facilitate trade and boost economic activity.

"With the Supreme Court judgement, the controversy over the circulation of the notes have been put to rest and the people are urged to accept and trade with the notes.

They are also to explore other means of transaction such as electronic transfers, among others, as all issues of cash available are addressed by the relevant government agencies" the statement said.

Days after the Supreme Court judgement extending the usage of the old N500 and N1000 to December 31, 2023, the Central Bank of Nigeria has not come up with any policy statement on the issue as Nigerians continue to grone under the yoke of cash crunch.

Though Automated Teller Machines (ATM) of some banks have started to dispense the old notes, the same banks are not accepting the old notes from depositors. This has made traders in Benin City to continue to reject the old notes from customers.