Sanwo-Olu to Lagosians: Old Naira Remains Legal Tender

The Lagos State Governor, Mr Babajide Sanwo-Olu has said the old naira notes of N200, N500, and N1000 denominations remain legal tender in the state.

Sanwo-Olu said, this is in accordance to the Supreme Court judgement which allows the currency to remain legal tender until December 31, 2023.

This was contained in a statement by the state Commissioner of information and strategy, Mr Gbenga Omotoso on Monday.

In the statement, the government reiterated that there is no reason for the rejection of the old naira notes as ruled by the Supreme Court.

Sanwo-Olu ordered all public agencies to start receiving the old naira notes, rejection of which he said will be melt with punitive measures.

The statement reads: “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.

Governor Babajide Sanwo-Olu has, therefore, 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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