Old Naira Notes: “It’s is Illegal To Reject Old Naira Notes” – Sanwo-Olu

In accordance with the Supreme Court’s ruling that the old N500 and N1,000 notes remain lawful cash until December 31, 2023, Lagos State Governor Babajide Sanwo-Olu has urged citizens, business owners, and especially shopkeepers to accept the notes.

Through the Commissioner for Information and Strategy, Gbenga Omotoso, Sanwo-Olu made the announcement yesterday.

The Lagos State Government has acknowledged the hardship brought on by the Naira redesign policy, which has had an impact on business and commercial activity, according to the statement.

“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.

“Governor Babajide 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.

“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”