The Governor of Lagos State, Babajide Sanwo-Olu, on Monday said the old naira notes remain legal tender in the state.
On Monday, the Governor of Lagos State, Babajide Sanwo-Olu, announced that the old naira notes are still considered legal tender in the state. In a statement issued by the Commissioner of Information and Strategy, Gbenga Omotoso, the Governor urged business owners, particularly retailers, to accept the old N500 and N1,000 notes in accordance with a Supreme Court ruling that the currency remains legal tender until December 31, 2023.
It should be noted that the Supreme Court had nullified the naira redesign policy introduced by the Federal Government, stating that it was not done in consultation with due process and in line with constitutional provisions. Consequently, the apex court directed that the old naira notes should continue to be used in conjunction with the new naira notes until December 31, 2023.
The Lagos State Government has also instructed all its agencies to comply with the Supreme Court’s ruling by not rejecting the old naira notes.
The statement read, “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 judgement delivered on March 3, 2023.
“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.
“I call on business owners, especially retailers, to accept the old N500 and N1,000 notes in line with the Supreme Court judgement that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.
“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”