OLD NAIRA NOTES ARE STILL VALID IN LAGOS, ACCORDING TO SANWO-OLU

In accordance with the Supreme Court’s ruling that the old N500 and N1,000 notes remain legal tender through December 31, Lagos Governor Babajide Sanwo-Olu has urged business owners, particularly retailers, to accept them.
Rejecting the old notes is unlawful, according to a statement by Gbenga Omotoso, Commissioner for Information and Strategy.

The government acknowledges the difficulties brought on by the Naira redesign strategy, which have had an impact on business and commercial activity. Yet, based on the Supreme Court’s ruling from March 3, 2023, there is no justification for rejecting the old notes. It is recommended that none of the Lagos State government’s agencies turn down payments made by the general population in old money.

The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” pointing out that the public only learned about the policy through press remarks, which cannot be considered a public notice.

In light of the Supreme Court’s ruling that the old N500 and N1,000 notes remain lawful tender until December 31, 2023, Governor Babajide Sanwo-Olu urges business owners, particularly shopkeepers, to accept them.