July 25, 2024

Rejecting outdated naira notes is prohibited, according to Sanwo-Olu

In accordance with the Supreme Court’s ruling that the old N500 and N1,000 notes remain lawful cash until December 31, 2023, Lagos State Governor Babajide Sanwo-Olu has urged citizens, business owners, and especially shopkeepers to accept the notes.

Through the Commissioner for Information and Strategy, Gbenga Omotoso, Sanwo-Olu made the announcement yesterday.

The Lagos State Government has acknowledged the hardship brought on by the Naira redesign policy, which has had an impact on business and commercial activity, according to the statement.

According to the Supreme Court’s ruling from March 3, 2023, there is no basis to reject the old notes.

The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” pointing out that the public only learned about the policy through press remarks, which cannot be considered a public notice.

The directive that forbids the use of the old notes is unlawful, unconstitutional, null, and invalid, the court argued, supporting its contention that the policy has interfered with state governments’ ability to carry out their duties.

In light of the Supreme Court’s ruling that the old N500 and N1,000 notes remain lawful tender till December 31, 2023, Governor Babajide Sanwo-Olu has urged business owners, particularly merchants, to accept them. To refuse the notes is against the law.

All government agencies in Lagos State are urged not to refuse payments received by the general population in old money.

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