In a statewide broadcast on Thursday, Ondo State Governor Oluwarotimi Akeredolu criticized the rejection of old naira notes, describing it as a blatant disregard for the law.

The governor expressed concern over the high number of traders and business owners in the state who refused to accept old currency notes, warning that this would have severe repercussions for the local economy and trade transactions.

The Supreme Court had previously ruled that old currency notes must be accepted as legal tender for goods and services in the country.

“It is therefore of great concern to me today, that a large section of our people in the state, particularly traders in our markets, taxi and bus drivers, barbers, auto mechanics and artisans are rejecting the old naira notes thereby inflicting and sustaining a needless pain on their fellow citizens and customers.

“I, therefore, wish to inform you that the rejection of the old one thousand naira, five hundred naira and two-hundred-naira notes by us will do us no good. It will stifle our local trade and business transactions, weaken our economy and cause us great harm and avoidable troubles,” he said.

He appealed to commercial banks to increase the circulation of all currencies at their disposals and devise a more effective way to relieve congestion in the banks.

He urged residents of the state to embrace and accept the old notes alongside the new notes as stipulated by law.

“I hereby use this opportunity to appeal to you all, my good people of Ondo state, to embrace and accept the old notes alongside the new notes as stipulated by law. Let us not create a needless tension over the matter. Please collect, spend and exchange the old notes without let or hindrance,” he added.