“There is no reason to reject the old notes”- Sanwo-Olu Appeals to Business Owners
Lagos State Governor, Babajide Sanwo-Olu has called on residents, business owners, and especially retailers to accept the old N500 and N1,000 notes as there was no reason to reject them.
Sanwo-Olu stated in a statement through the Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday that the acceptance of the old notes is in line with the Supreme Court judgement which ruled that the currency remains legal tender until December 31, 2023.
He, however, advised all agencies of the Lagos State Government to also abide by the court ruling
The statement read in part;
“The Lagos State government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.
“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 th,e 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, unjudgmentional, null, and void.
“Governor Babajide Sanwo-Olu has, therefore, called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement that the currency remains legal tender until December 31, 2023. It is illegal to reject the notes.
“All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.”
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