Jigawa State Declares N1000 & N500 Old Notes Legal Tender

Category: Nigeria News

Despite the declaration of President Muhammadu Buhari, Thursday morning that the old N500 and N1000 notes have seized to be legal tender, the Jigawa State Government has taken a counter position by advising citizens and other persons in the state to continue to use the currencies as lawful means of payment and business transactions.

The state government premised its decision on the ongoing suit at the Supreme Court which is yet to be conclusively decided by the apex court.

An announcement on Thursday evening by Mr Bala Ibrahim, the Jigawa State Commissioner for Information, Youths,, Sports and Culture conveyed the stance of the state government. The full text of the announcement read:

“The Jigawa State Government wishes to inform members of the Public that, it has come to its notice some individuals and corporate bodies are rejecting the now-old N200, N500 and N1000 notes. The Jigawa State Government is concerned about the conduct of such individuals and corporate bodies.

“As a law-abiding Government, there are suits by various State Governments of which Jigawa State is among before the Supreme Court of Nigeria.

The court has issued an order restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or commercial banks, ministries, parastatals, organizations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on 10 February, 2023 the time frame within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender pending the hearing and determination of the motion on notice.

“Jigawa State Government respects the rights of its people and those rejecting the now-old currencies are enjoined to desist from disobeying the law and causing hardship to the people of Jigawa State.

Jigawa State Government will not hesitate to use section 287(1) of the Constitution (as amended) and other extant laws to enforce the order of the Supreme Court of Nigeria.

“For clarity, the section provides, “The decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court”.

People are advised to report any traders or business organization that refuses to accept the now-old N200, N500 and N1000 notes as legal tender in Jigawa State to the nearest appropriate authorities.”

President Buhari said on Thursday that old ₦‎500 and ₦‎1000 notes are no longer legal tender in the country.

In an early morning national broadcast aired on national stations, the president directed the CBN to release old N200 notes into circulation as legal tender for the next 60 days while those with 500 and 1000 naira were directed to deposit them at the Central Bank and other designated points.