The Abia state government has threatened to place sanctions on business entities, individuals or groups that reject the old N500 and N1,000 notes for transactions following complaints that the notes were rejected.
The threat was contained in a statement issued in Umuahia Saturday by Secretary to the State Government, Chris Ezem.
The government said it had to take the decision in “line with the Supreme Court ruling extending the validity of the old 200, 500 and 1,.000 naira notes as legal tender to December 31.”
The statement reads: “Abia state government advises Abia residents to feel free to carry out their financial transactions.
“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.”
In its judgement, a seven-member panel of the court led by Justice John Okoro had unanimously directed the Central Bank of Nigeria (CBN), to continue receiving the old notes from Nigerians.
