The governor of Lagos State, Babajide Sanwo-Olu, has stated that, in accordance with the supreme court’s ruling, old naira notes remain lawful cash in the state.
Remember that the Supreme Court declared on March 3 that the old N200, N500, and N1,000 notes will be lawful tender until December 31, 2023.
The ruling was the result of a lawsuit launched by 16 states, including Lagos, challenging the redesigned naira policy of the Central Bank of Nigeria (CBN) at the country’s highest court.
As a result of the ruling, numerous shop owners and small merchants in Lagos have refused to accept old naira notes as payment.
In a statement released on Monday by the information commissioner, Gbenga Omotoso, the governor instructed all state government agencies not to reject payments received with the old currency.
“The Lagos state administration has taken note of the difficulties caused by the re-design of the naira, which have impacted business and commercial activity. “According to the supreme court’s ruling from March 3, 2023, there is no cause to reject the old notes,” he stated.
“The supreme court ruled that no reasonable notice was given as required by section 20(3) of the CBN act, noting that the public was only made aware of the policy through press reports, which cannot be considered a notice to the public.
“The court ruled that the regulation impedes the operations of state governments, noting that the directive prohibiting the use of old currency is unlawful, unconstitutional, and void.
“Governor Babajide Sanwo-Olu has thus urged business owners, particularly merchants, to accept the old N500 and N1,000 notes until December 31, 2023, in accordance with the supreme court’s ruling that the currency remains legal tender until that date. It is against the law to return the notes.”
