Ahead of the election polls, the Lagos State Governor, Babajide Sanwo-Olu has declared the old naira notes remains legal tender in the state.
This declaration was contained in a press release by the Commissioner for Information and Strategy, Lagos State, Gbenga Omotoso.
The governor see reason to rub minds with the lamenting of the residents of Lagos State as the hardship caused by the Naira redesign policy has really affected businesses and commercial activities across the country especially Lagos State.
Sanwo-Olu thereby beckon on business owners, particularly retailers, to continue to accept the old N500 and N1,000 notes, in line with the Supreme Court judgement order of the old naira notes which will remain legal tender until December 31, 2023.
As the court has already stressed that It will be illegal for citizens to reject the notes, maintaining that the policy had impeded the functions of State governments and pointed out that any directives that will again stop the use of the old notes will be regarded as illegal, unconstitutional, null, and void.
To this effect, 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.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.
“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public,” Sanwo-Olu’s statement read in part.