Akeredolu misinforms Ondo people, says CBN approved use of old N500, N1,000

THE Ondo State Governor Rotimi Akeredolu has claimed that the Central Bank of Nigeria (CBN) has accepted the Supreme Court judgment nullifying the Federal Government’s implementation of the naira redesign policy.

He said the CBN has approved using the old N1,000 and N500 notes.

In a state-wide broadcast on Thursday, March 9, on the pains faced by the state’s people (and Nigerians) over the currency redesign, the governor urged people in the state to accept the old notes to alleviate the suffering they face over the naira scarcity.

The ICIR reports that the governor, a former President of the Nigerian Bar Association (NBA), misinformed residents of the state because the CBN has yet to react to the Supreme Court ruling six days after it was delivered.

Similarly, President Muhammadu Buhari, who authorised the redesign and who Nigerians expect to speak on the judgment as he did earlier, has remained silent.

On Sunday, March 5, The ICIR reported how Buhari and CBN kept mute on the Supreme Court ruling.

In another report on March 8, The ICIR published how Abuja residents rejected the old notes.

In his Thursday address, Akeredolu urged Ondo people to show understanding with their fellow citizens and receive the notes to ease transactions.

“The matter of legitimacy and return into circulation of all old naira notes in the nation’s economy has been settled permanently by the Supreme Court of Nigeria and also backed up by the appropriate instruments of implementation by the Central Bank of Nigeria.



    “Our people will recall that the Apex Court, in its recent judgement, had, among others, ruled that the old currency notes must remain as a legal tender in exchange for goods and services in the nation,” said the governor.

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    Akeredolu, who maintained his earlier stance that the naira redesign was ill-conceived, said the fundamental objective of government must be to see to the welfare and security of the people at all times and not to inflict or add more to their pains. 

    “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. 

    “This is unfortunate and unexpected. It is a flagrant disobedience to the law and the Central Bank directives.”


    Marcus bears the light, and he beams it everywhere. He's a good governance and decent society advocate. He's The ICIR Reporter of the Year 2022 and has been the organisation's News Editor since September 2022. Contact him via email @ [email protected].

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    1. Comment:Good and out speaking governor, he feel the pain of his people ,God we bless him, but for all the bad writers he shall not be well with them


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