Sanwo-Olu warns, “Reject Old Naira or Face Prosecution”

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Those who refuse outdated naira notes have been advised by Lagos State Governor Babajide Sanwo-Olu to stop or risk legal action.

The rejection of old N200, N500, and N1,000 notes, he claimed, is in conflict with the Supreme Court’s stance.

This information was released by the governor on Wednesday in a statement that was signed by Gbenga Omotoso, the commissioner of information and strategy.

Sanwo-warning Olu’s came after the Supreme Court postponed the case involving the Central Bank of Nigeria’s (CBN) currency swap policy until February 22 so that the pooled lawsuits by 10 states may be heard.
The statement said, in part, “The apex court said the old notes remained lawful tender when the subject initially came up on February 8.”

That stance remains unchanged. Those who refuse the old notes are hereby warned by the State Government to stop doing so or risk legal action. Rejecting the old notes is illegal because it goes against the Supreme Court’s position.