Sanwo-Olu Declares Old Naira Notes Legal Tender In Lagos

According to Governor Babajide Sanwo-Olu of Lagos State, the old naira notes remains legal tender in the state.

In a statement issued by the Commissioner of Information and Strategy, Gbenga Omotoso, Sanwo-Olu urged business owners, particularly merchants, to accept the old N500 and N1,000 notes in accordance with the Supreme Court’s ruling that the currency is still valid through December 31, 2023.

Recall that the Federal Government’s policy to redesign the naira was overturned by the Supreme Court because it was not carried out in accordance with constitutional rules and without proper consultation.

The Apex court consequently decreed that the old and new naira notes may be used concurrently until 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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