It’s illegal,’ Sanwo-Olu warns Lagos residents against rejecting old naira notes
Lagos State governor, Babajide Sanwo-Olu, has noted that in line with the judgement of the supreme court, old naira notes remain legal tender in the state.
Recall that on March 3, the Supreme Court ruled that the old N200, N500, and N1,000 notes remain legal tender until December 31, 2023.
The judgment was a result of a suit filed by 16 states in the country, including Lagos, challenging the naira redesign policy of the Central Bank of Nigeria (CBN) in the apex court.
Following the judgment, many business owners and petty traders in Lagos have refused to accept payments made with the old naira notes
In a statement issued on Monday by Gbenga Omotoso, the commissioner for information, the governor advised all agencies of the state government not to reject payments made with the old currency.
“The Lagos state government has noted the hardship sparked by the naira redesign policy, which has affected business and commercial activities. There is no reason to reject the old notes, going by the supreme court judgment delivered on March 3, 2023,” he said
The apex court declared that no reasonable notice was given as required by section 20(3) of the CBN act, noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.
“The court maintained that the policy has impeded the functions of state governments, pointing out that the directive that stops the use of the old notes is illegal, unconstitutional, null and void
Governor Babajide Sanwo-Olu has, therefore, called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the supreme court judgment that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes
