Kano govt vows to destroy banks refusing old 500, 1000 naira notes

The governor of Kano State, Abdullahi Umar Ganduje, has issued a severe warning to the state's commercial banks, threatening to shut down any institution that continues to only take the old N500 and N1,000 notes.

On Friday, the governor issued a warning while inspecting the palliatives that will be distributed to the populace to ease the impacts of the hardship brought on by the cashless policy.

“Any bank that refuses to accept old five hundred and one thousand Naira notes will be destroyed. We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” he stated.

Governor Ganduje further disclosed that the space of the destroyed banks would be used for building schools, “We will convert the space of the destroyed banks into schools that will provide quality education for our children.”

Abba Anwar, a spokesperson for Governor Ganduje, defended the governor's remarks by asserting that the state government has the authority to take such actions to safeguard the interests of the populace.

Anwar said, “The governor is not making an empty threat. The government has the power to take such measures if it is in the best interest of the people. The governor is determined to ensure that the people of Kano State do not suffer any undue hardship as a result of the cashless policy.”

None of the commercial banks doing business in Kano State as of the time this report was filed has released an official statement regarding the governor's threat.

The governor's position on accepting old Naira notes has generated a lot of controversies, and it is unclear at this point whether the commercial banks will comply with his request or suffer the consequences of their disobedience.

Source