Governor Babajide Sanwo-Olu of Lagos State has declared that the old naira notes remain legal tender in the state.
Sanwo-Olu’s declaration was contained in a press release by the Commissioner for Information and Strategy, Lagos State, Gbenga Omotoso.
The governor lamented the hardship caused by the Naira redesign policy , which has affected businesses and commercial activities across the country.
Sanwo-Olu called on business owners, particularly retailers, to accept the old N500 and N1,000 notes, in line with the Supreme Court judgement that ordered for the old naira notes to remain legal tender until December 31, 2023.
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The court stressed that It was illegal for citizens to reject the notes, maintaining that the policy had impeded the functions of State governments and pointed out that the directive that stops the use of the old notes is illegal, unconstitutional, null, and void.
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.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.
“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public,” Sanwo-Olu’s statement read in part.
