The Lagos State Governor, Babajide Sanwo-Olu, has called on business owners, especially retailers, to accept the old N500 and N1,000 note as they remain legal tender in the State.
Governor Sanwo-Olu in a statement by the State’s Commissioner for Information & Strategy, Gbenga Omotosho, said he is aware of the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
The statement partly reads that: “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.”
According to the governor, the court has maintained that the policy has impeded the functions of State governments, hence, the directive that stops the use of the old notes is illegal, unconstitutional, null and void.
Sanwo-Olu, furthermore, said all agencies of the Lagos State Government are also advised not to reject payments made with the old currency by the public until December 31, 2023, the deadline for its legality as stated by the Apex Court.