Old Naira Notes Remain Legal Tender, Says Lagos Gov, Sanwo-Olu

Mr Babajide Sanwo-Olu, the Governor of Lagos State, on Monday declared that the old naira notes remain legal tender in the state, as earlier ruled by the Supreme Court.

According to a statement signed by Sanwo-Olu, through his Commissioner of Information and Strategy, Gbenga Omotoso, called on business owners in the state, especially retailers, to accept the old N500 and N1,000 notes in line with the judgement ruled by apex court that the currency remains legal tender until December 31, 2023.

The statement reads, “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.”