Lagos: Old naira notes remain legal tender — Sanwo-Olu

The Lagos State Governor Babaji Sanwo-Olu had said the old naira note remains legal tender in Lagos. A press release by Commissioner for Information and Strategy, Lagos State, Gbenga Omotoso, the governor noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

Sanwo-Olu has called 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.

The court maintained that the policy had 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.

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.

There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023. All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.