OLD NAIRA NOTES REMAIN LEGAL TENDER -SANWO-OLU
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 judgment 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.
All agencies of the Lagos State Government are advised not to reject payments made with the old currency by the public.