Lagos State Governor Babajide Sanwo-Olu has insisted that the old N200, N500 and N1,000 notes remain legal tender in the state in line with the judgement of Supreme Court.
He added that the state government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
Sanwo-Olu stated this in a statement by the State Commissioner for Information and Strategy, Mr Gbenga Omotosho and made available to TheIdeal News on Sunday.
The statement reads in part, “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.”
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 judgement that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.
The Lagos Governor also directed all agencies of the State Government not to reject payments made with the old currency by the public.
