Governor Sanwo-Olu Says Old Naira Notes Remain  Legal Tender In Lagos

By Akinwale Kasali

The Lagos State Governor, Babajide Olusola Sanwo-Olu, has announced that the Old Naira Notes of N500 and N1,000 remain legal tender in the State.

The Governor, in a statement, on Monday signed on his behalf by the 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 denominations remain legal tender until December 31, 2023.

Governor Sanwo Olu said that it was necessary for the Supreme Court verdict on the Old Naira to be followed to the letter.

It would be recalled that the Apex Court had invalidated the declaration of the notes as illegal, and chided the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.

Consequently, the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023.

The Lagos State Government has asked all its agencies not to reject the old notes in line with the Supreme Court directives.

The statement read: “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.”