#Finance

Rejection of old naira notes: ODSG meets CBN, bank officials

…says govt ‘ll enforce Supreme Court judgment

By Adekola Afolabi

Determined to address the hardship caused by the infusion of the new naira notes, Ondo state government on Monday took decisive steps by meeting the CBN and the commercial bank officials in the state.

Government emphasised the need for the bank officials to continue to dispense the old notes to alleviate people’s sufferings.

It would be recalled that for several weeks now, the nation has been groaning under the hardship caused by the infusion of the new naira notes and withdrawal of the old ones from circulation.

The interface with the CBN and the commercial bank officials was to find a lasting solution to the worrisome scarcity of the naira notes and suffering of the people on daily basis at the deposit money banks.

Speaking at the meeting, the state Deputy Governor, Lucky Aiyedatiwa charged the money deposit banks in the state to make their demands to CBN to get more money for circulation.

Aiyedatiwa further noted that the state government will enforce the judgement of the Supreme Court, appealing to people to continue to collect and spend the old naira notes alongside the new ones.

Head of banking services, CBN, Kennedy Nwannunu, said subsequent to the bankers meeting held today, deposit banks should continue to accept the old naira notes for ease of their customers.

Some members of the State Executive Council including the Commissioner for Finance, Wale Akinterinwa and Commissioner for Economic Planning and Budget, Pastor Emmanuel Igbasan said the judgement of the Supreme Court must be upheld.

On enforcement, the Senior Special Assistant to Governor Akeredolu on Special Duties and Strategy, Dr Doyin Odebowale, berated some sharp practices amongst POS operators, stressing that anyone caught will face the wrath of the law.

Odebowale warned the bank officials to desist from limited cash and transactions to their customers and urged the people to collect and spend the old naira notes without fear.

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Rejection of old naira notes: ODSG meets CBN, bank officials

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