Sanwo-Olu says to business owners: Accept old Naira notes

In the face of the citizens’ agony, Lagos State Governor, Mr Babajide Sanwo-Olu has urged called on business owners, especially retailers, to accept the old N500 and N1,000 notes. This, he said, is in line with the Supreme Court judgment that the currency remains legal tender until 31 December.

On 3 March, the Supreme Court ordered that the old N200, N500, N1,000 notes remain in circulation till 31 December, this year. The apex court also nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution.

But merchants and even some banks have refused to accept the old Naira notes. Sanwo-Olu said the action is “illegal”.

The statement by the state Commissioner for Information and Strategy, Mr Gbenga Omotoso 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 judgment delivered on 3 March 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.

“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 judgment that the currency remains legal tender until 31 December 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”.