Governor Babajide Sanwo-Olu of Lagos state maintains that old naira notes remain legal tender in the state.
The governor, in a statement issued by his Commissioner of Information and Strategy, Gbenga Omotoso, 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.
The Governor also instructed all its agencies not to reject the old notes.
The statement partly read, “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.
“I call 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.”
Recall that the Supreme Court invalidated the naira redesign policy initiated by the Federal Government on the grounds that it was not done with due consultation and in line with constitutional provisions.
