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BOS Report

Old Naira Notes Remain Legal Tender – Sanwo-Olu

The Lagos State Governor, Babajide Sanwo-Olu, says the old naira notes are legal tender in the State.

Governor Sanwo-Olu in a statement by the State’s Commissioner for Infor & Strategy, Gbenga Omotosho, said he is aware of the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

He adds that “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 governor pointed out that the court has 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.

Sanwo-Olu, furthermore, 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. 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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