Here is why Governor Ganduje threatening to sanction banks and businesses rejecting old naira note [see reasons]

Kano State Governor, Abdullahi Ganduje, has issued a warning to banks and businesses in the state who are turning away customers with old naira notes. According to the governor, a recent Supreme Court interim injunction allows the use of old notes alongside the new ones until they are completely phased out.

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Governor Ganduje expressed concern over the increasing number of businesses that refuse to accept old notes, causing inconvenience to customers who are struggling to get their hands on new ones. He stressed that the old notes remain legal tender, and businesses that fail to comply with the directive could face severe sanctions, including license revocation.

As the Central Bank of Nigeria works to phase out the old notes, it is crucial for businesses to be aware of their legal obligations and avoid causing unnecessary distress to their customers. The governor's warning serves as a reminder that all businesses operating in the state must comply with the current legal framework and respect the rights of their customers.

“Business and economic activities are seriously affected by the naira redesign and unfortunately some self-centered individuals are cashing on the situation to cause further hardships on the people by not accepting the old naira notes during transactions,” the statement added.