Governor Babajide Sanwo-Olu of Lagos State has said that the old naira notes remain legal tender in the state.
Babajide Sanwo-Olu stated this in a statement issued on Monday by the Commissioner of Information and Strategy, Gbenga Omotoso.
The governor 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.
He said, “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.”
In other news, Kanyi Daily reported that the presidential candidate of the Labour Party (LP) in the just-conducted presidential election, Peter Obi has argued that the will of God was to do the right thing.
Peter Obi stated this during an interview on Arise TV’s ‘The Morning Show’ while answering a question posed to him.
