The Lagos State Government (govt) has acknowledged the difficulties caused by the Naira redesign policy, which has hampered business and commercial activities.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023,” Governor Babajide Sanwo-Olu asserted in a statement on Monday.
“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.”
In his statement, Governor Sanwo-Olu urged business owners, particularly retailers, to accept the old ₦500 and ₦1,000 notes, citing a Supreme Court ruling that the currency remains legal tender until December 31, 2023. Rejecting the notes is illegal.
The governor also advised all Lagos State Government agencies not to reject public payments made in old currency.
“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”
