Old Naira Notes Remain Legal Tender, Says Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu, on Monday said that the old naira notes remain legal tender in the state.

Sanwo-Olu, in his statement by Commissioner of Information and Strategy, Gbenga Omotoso, 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.

He said, "The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

"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.

"I call 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."

In the other news, Ogun State Governor, Dapo Abiodun warn traders to Accept Old Naira Notes Or Face Sanctions.

The governor made the statement in a video posted on his verified Twitter handle on Sunday.

He said, "I am hereby sounding a note of warning to every merchant, trader, banker, and petrol Station that is refusing old naira notes. If you're reported to me, I will deal with you to the fullest extent of the law."