The Governor of Lagos State, Babajide Sanwo-Olu, on Monday
said the old naira notes remain legal tender in the state.
Sanwo-Olu, in a statement signed by the Commissioner of
Information and Strategy, Gbenga Omotoso, 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.
Recall that the Supreme Court had invalidated the naira
redesign policy initiated by the Federal Government on the grounds that it was
not done with due consultation and in line with constitutional provisions.
Consequently, the apex court ordered that the old naira
notes shall continue to be used side by side with the new naira notes till
December 31, 2023.
In line with the Supreme Court’s ruling, the Lagos State
Government also asked all its agencies not to reject the old notes.
The statement read, “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 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.
“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.
“I call 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.
“All agencies of the Lagos State Government are advised not
to reject payments made with the old currency by the public.”
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