It is illegal to reject the old notes – Sanwo-Olu tells Lagos state residents

The Lagos state governor, Babajide Sanwo-Olu, has said that it is illegal for residents of the state to reject the old N500 and N1000 notes in line with the March 3 judgment of the supreme court where it was stated that the old naira notes remain legal tenders until December 31, 2023. 

This was according to a statement by Gbenga Omotoso, the state Commissioner for Information. The Governor advised all state government agencies not to reject payments made with the old currency.

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 judgment 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.”

”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 December 31, 2023. It is illegal to reject the notes.”