Abia govt threatens to sanction business owners for rejecting old notes

News Agency Of Nigeria 08:20 - 12 March 2023

Old Naira notes

The Abia Government says it will sanction any person, group or business entity that rejects the old 500 and 1,000 naira notes for business transactions.

The threat is contained in a statement issued by the Secretary to the State Government, Mr Chris Ezem, and made available to newsmen in Umuahia on Saturday.

Ezem stated that the decision was in line with the Supreme Court ruling extending the validity of the old 200,500 and 1000 naira notes as legal tender to December 31.

“Abia State Government advises Abia residents to feel free to carry out their financial transactions with the old naira notes alongside the new notes as stipulated.

“Any individual, group or business entity that rejects the old notes will be contravening the law of the Federal Republic of Nigeria and stands the risk of facing sanctions,” Ezem added.