Lagos State Governor Babajide Sanwo-Olu had issued a directive to Lagosians concerning the old naira notes.
The governor said the old naira note remains legal tender in Lagos State, hence residents should not reject it.
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The governor’s directive was contained in a statement issued by the Commissioner for Information and Strategy, Lagos State, Gbenga Omotoso, Naija News learnt.
Sanwo-Olu said Lagosians have no reason whatsoever to reject the old naira notes going by the Supreme Court’s March 3 judgement.
Recall that the apex court in a March 3, 2023 judgement nullified the federal government’s naira redesigned policy while ordering the government to extend the deadline for the spending of the old N200, N500 and N1,000 till December 31, 2023.
The governor explained that the Supreme Court has ruled that the directive that stops the use of the old notes is illegal, unconstitutional, null, and void.
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He maintained that the hardship the policy has brought to business and commercial activities is untold, adding that the policy has impeded the functions of State governments.
He said the apex court declared that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” and that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.
The governor on this basis directed business owners, especially retailers, to accept the old N500 and N1,000 notes because it remains legal tender until December 31, 2023.
Sanwo-Olu, who noted that the rejection of the old note is illegal also ordered all agencies of the Lagos State government not to reject payments made with the old currency by the public.
