Babajide Sanwo-Olu: Old naira notes remain legal tender

Governor Babajide Sanwo-Olu

The Lagos State Government says it is aware of the problems caused by the Naira redesign policy, which has hurt businesses and commercial activities.

Governor Babajide Sanwo-Olu said in a statement on Monday, “There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.”

The top court said that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public only found out about the policy through press comments, which do not count as a notice to the public.

The court said the policy has made it harder for state governments to do their jobs. It also said that the order to stop using the old bills is illegal, unconstitutional, and has no effect.

In his statement, Governor Sanwo-Olu asked business owners, especially retailers, to accept the old N500 and N1,000 notes, which are still legal tender until December 31, 2023, according to a Supreme Court ruling. It is against the law to turn down the notes.

The governor also told all agencies of the Lagos State Government not to turn down payments made by the public with the old currency.