Again, the Lagos State Government has declared that the old naira notes remain legal tender till December 2023 .
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, saying it is illegal to reject the notes.
The Governor also urged state Ministries, Departments, and agencies to accept the old naira notes on any form of business transaction.
Sanwo Olu also expressed concerns on the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
According to Gbenga Omotoso , Commissioner for Information and Strategy, Lagos State Government on Sunday in a 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.
He further urged that “All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”
