The Lagos State government on Wednesday threatened to sanction banks, businesses, and individuals rejecting the old naira notes in the state.

In a statement issued by the state’s Commissioner for Information and Strategy, Gbenga Omotoso, the government insisted that the old N200, N500, and N1,000 remain legal tender since the Supreme Court judgment was yet to rule on the matter

Omotoso said the state government has joined in the suit challenging the redesign of the naira notes and implementation of the deadline for the withdrawal of the old currency notes from circulation.

The Supreme Court had on Wednesday adjourned the hearing in the suit filed by eight All Progressives Congress (APC) governors challenging the redesign of the naira notes and implementation of the deadline on the currency swap to February 22.

The apex court, however, insisted that the old naira notes remain legal tender pending the determination of the suit.

However, Omotoso commended the people of Lagos for their patience and calm despite the scarcity of the naira notes

The old banknotes, according to him, remained legal tender in the state and across the country following the adjournment of the suit.

The statement read: “The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.

“The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the matter first came up on February 8, the apex court said the old notes remained legal tender.

“That position has not changed. The State Government hereby warns those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.

“Governor Sanwo- Olu urges Lagosians to remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda. He is confident that the Judiciary will resolve all the issues around the currency shortage crisis

“To cushion the effect of the Central Bank of Nigeria (CBN) directive on the old notes, especially on the vulnerable among us, Lagos State has started the distribution of the food packs promised by the Governor. The 50 percent fares slash on all state transportation facilities continues, as directed by Mr. Governor.