Rejecting old naira notes is illegal – Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu has urged residents, business owners, and especially 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.
Sanwo-Olu made the announcement yesterday through the Commissioner for Information and Strategy, Gbenga Omotoso.
“The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities,” according to the statement.
According to the Supreme Court’s decision on March 3, 2023, there is no reason to reject the old notes.
“The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public learned about the policy through press remarks, which do not qualify as 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. Rejecting the notes is illegal.
“All agencies of the Lagos State Government are advised not to reject public payments made in old currency.”
(TNT)
