Many state governors in the country have asked residents to go on transacting with the old N500 and N1,000 notes despite President Muhammdu Buhari’s directive.

President Buhari in a nationwide broadcast on Thursday insisted that the old naira notes of N1,000 and N500 notes were no longer tender

Buhari also declared the banknotes illegal in the country and asked Nigerians to redeem the old notes at CBN branches nationwide, while the N200 note will cease to be legal tender by April 10, 2023.

However, the governors countered the president, noting the banknotes remain legal tender in their states until the Supreme Court rules on the matter on February 22, 2023.

According to the governors, only the Supreme Court verdict is valid.

Recall that the Supreme Court asked the Central Bank of Nigeria (CBN) to maintain the status quo and allow old naira notes to circulate alongside the new ones after CBN’s February 10, 2023 deadline.

Lagos counter Buhari

The Lagos State Attorney-General and Commissioner for Justice, Moyosore Onigbanjo, stated after Buhari’s address that the Supreme Court’s decision on the naira redesign of the CBN remains valid.

Onibanjo said that rejecting the old banknotes in the state by some persons and institutions goes against the apex court, stating that petrol stations, banks, and others still refusing the old banknotes could be prosecuted.

Onibanjo said this on TVC Business Show on Thursday, February 16, 2023, after Buhari’s nationwide address.

The Lagos State chief law officer condemned the high charges by Point of Sale (PoS) operators, asking residents affected by the policy to press charges.

Kaduna declares all naira notes remain legal tender

After Buhari’s address, Kaduna State governor Nasir El-Rufai stated that all banknotes remain legal tender in the state until the Supreme Court rules on the matter.

El-Rufai stated this in a statewide broadcast on Thursday, February 16, 2023, soon after the president’s broadcast.

He revealed that the proposal to have N200 recirculated was pushed to the governors a few days earlier as a proposal for an out of court settlement, but it was rejected.

Kano adamant on old naira notes

Despite not issuing any pronouncement to the contrary after Buhari’s broadcast, the Kano State government had maintained that it would prosecute banks, businesses, and PoS operators rejecting the old naira notes.

He ordered the arrest of supermarket owners who defied the state’s directives