THE Lagos State Government has acknowledged the difficulties caused by the Naira redesign policy, which has hampered business and commercial activity.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023,” Governor Babajide Sanwo-Olu asserted in a statement today.
The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public learned about the policy primarily through press remarks, which do not qualify as public notice.
The court maintained that the regulation has hampered state government functions, stating that the directive prohibiting the use of old naira notes is illegal, unconstitutional, and null and void.
In his message, Governor Sanwo-Olu urged business owners, particularly retailers, to accept the old N500 and N1,000 notes, citing a Supreme Court ruling that the currency remained legal tender until December 31, 2023 adding that rejecting the notes is illegal.
The governor also advised all Lagos State Government departments not to refuse public payments made with the old notes.
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