Lagos State Governor, Mr. Babajide Sanwo-Olu has 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,” he said
He also advised all agencies of the Lagos State Government not to reject payments made with the old currency by the public.
This was contained in a statement by the state Commissioner for Information and strategy, Mr. Gbenga Omotosho, adding that the state government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
It stated “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.”