The Governor of Lagos State, Babajide Sanwo-Olu, on Monday confirmed the old naira notes remain legal money in the state.
Sanwo-Olu, in a statement signed by the Commissioner of Information and Strategy, Gbenga Omotoso, appealed for business owners, particularly retailers, to accept the old N500 and N1,000 notes in compliance with the Supreme Court verdict that the currency remains legal tender until December 31, 2023.
Recall that the Supreme Court had nullified the naira redesign program undertaken by the Federal Government because it was not done with adequate consultation and in conformity with constitutional norms.
Accordingly, the top court declared that the old naira notes would continue to be used side by side with the new naira notes through December 31, 2023.
By the Supreme Court’s order, the Lagos State Government also directed all its agencies not to reject the old notes.
The statement stated, “The Lagos State Government has acknowledged the hardship generated by the naira redesign policy, which has harmed business and commercial activity. There is no basis to reject the previous notes, according to the Supreme Court verdict announced on March 3, 2023.
“The supreme court stated that ‘no reasonable notice was provided as required by Section 20(3) of the CBN Act, adding that the public only got aware of the policy via press statements, which cannot serve as a notice to the public.
“The court held that the policy has obstructed the duties of State governments, pointing out that the instruction that prevents the use of the old notes is unlawful, unconstitutional, null and invalid.
“I appeal on business owners, particularly merchants, to accept the old N500 and N1,000 notes in compliance with the Supreme Court order that the money remains legal tender until December 31, 2023. It is prohibited to reject the notes.
“All agencies of the Lagos State Government are encouraged not to refuse payments made using the old money by the public.”
