The Lagos State Government has asked businesses and residents of the state to accept the old naira notes as legal tender.
The Governor Babajide Sanwo-Olu-led government also expressed worries over the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.
This is according to a statement signed by the Commissioner for Information and Strategy, Gbenga Omotoso on Sunday.
In the statement, seen by Oyo News Omotoso queried the rationale behind rejecting the old naira notes, after a supreme court judgement.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023”, he said.
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.
He therefore relayed Governor Babajide Sanwo-Olu’s directives to traders and business owners, saying the old notes must be accepted by all.
“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”, he said.
All agencies of the Lagos State Government have equally been advised not to reject payments made with the old currency by the public.