The Abia State Government on Saturday threatened to penalize any company, individual, or organisation that refused to accept the outdated N500 and N1000 notes for use in transactions.
This information was provided to journalists in Umuahia in a statement made by Mr. Chris Ezem, the Secretary to the State Government.
Ezem claimed that the choice was consistent with the Supreme Court's decision to extend the legal tender status of the previous N200, N500, and N1000 notes.Both the old and new naira notes are still considered legal cash through December 31, 2023, according to a recent ruling by Nigeria's top court.
Ezem stated, "The Abia State Government advises Abia residents to feel free to carry out their financial activities with the old naira notes alongside the new notes as stipulated.
Any person, organization, or business who disregards the old notes is breaking the law of the Federal Republic of Nigeria and could be subject to penalties.
