Naira redesign: Old notes are still valid currency – Sanwo-Olu

The previous naira note is still accepted in Lagos, according to Lagos State Governor Babaji Sanwo-Olu.

The difficulty caused by the Naira redesign strategy, which has hindered business and commercial activity, was observed in a press release by Lagos State’s Commissioner for Information and Strategy, Gbenga Omotoso, the governor.

In accordance with the Supreme Court’s ruling that the previous N500 and N1,000 notes remain legal cash until December 31, 2023, Sanwo-Olu has urged business owners, particularly merchants, to accept the notes. Rejecting the notes is against the law.

The court upheld the regulation and argued that the instruction that forbids the use of the old notes is unlawful, unconstitutional, null, and invalid.

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The top court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” adding that the public only learned about the policy through press statements, which cannot be considered a notice to the public.

According to the Supreme Court’s ruling on March 3, 2023, there is no justification for rejecting the old notes.

The public’s payments made using the old money should not be rejected by any government entities in Lagos State.

Tribune