The governor of Kano State, Abdullahi Umar Ganduje, has issued a stern warning to commercial banks operating within the state, threatening to destroy any bank that refuses to accept old N500 and N1,000 notes. The governor made this known during his inspection of palliatives that were meant for distribution to the citizens to cushion the effects of the hardship caused by the cashless policy.
Governor Ganduje’s warning appears to have been prompted by complaints from members of the public, who have reportedly been experiencing difficulties in exchanging their old notes for new ones. The governor vowed to take decisive action against any financial institution operating within the state’s jurisdiction that disobeys the directive.
“We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” the governor stated, adding that the space of any destroyed banks would be used for building schools to provide quality education for children in the state.
While some observers have criticized the governor’s warning as excessive, his spokesperson, Abba Anwar, defended the statement, stating that the state government has the power to take such measures to protect the interests of the citizens.
“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,” Anwar said. “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.”
The cashless policy, which was introduced by the Central Bank of Nigeria in 2012, seeks to reduce the amount of physical cash in circulation and promote the use of electronic payment systems. However, it has been met with mixed reactions, with some people expressing concerns about its impact on small businesses and low-income earners.