THERE’S NO REASON TO REJECT OLD NAIRA NOTES, SAYS SANWO-OLU

March 13, 2023March 13, 2023

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The Lagos State Governor, Babajide Sanwo-Olu on Monday made it known that the old naira notes remain legal tender “going by the Supreme Court judgement delivered on March 3, 2023″.

“There is no reason to reject the old notes.” he said

This came as a response after the governor has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.

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 N500 and N1,000 notes in accordance with the Supreme Court’s ruling that the notes are still valid until December 31, 2023. Rejecting the notes is illegal.

The governor also cautioned all departments and offices of the Lagos State Government not to refuse payments made by the general public with old notes.