SanwoOlu Tells MDAs, Courts & Traders In Lagos To Collect Old Notes 

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Lagos State Governor, Babajide SanwoOlu, has ordered all Ministries, Departments, and Agencies, MDAs, as well as Courts in the state to commence acceptance of old N500 and N1,000 notes.

Sanwo-Olu also urged business owners, especially retailers, to accept the old N500 and N1,000 notes, to ease hardship sparked by the Naira redesign policy introduced by the Federal Government.

Raising concerns over the policy’s impact on business and commercial activities, the Governor on Sunday said there was no reason to reject the old notes, going by the Supreme Court’s judgement delivered on March 3, 2023.

He, in a statement by the Commissioner for Information and Strategy, Gbenga Omotoso, assured Lagosians that all agencies in the state would not reject the currency whenever they aim to transact business with them.

The statement reads; “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 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.

“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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