Lagos State Governor, Babajide Sanwo-Olu has called on residents, business owners, and especially retailers to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement which ruled that the currency remains legal tender until December 31, 2023.
Sanwo-Olu made the call in a statement through the Commissioner for Information and Strategy, Gbenga Omotoso, yesterday.
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 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.”
Similarly, the Governor of Anambra State, Chukwuma Soludo, has urged the state residents to transact with the old naira notes and report banks that refuse to accept the notes.
Making the announcement on his Facebook page on Monday, Soludo noted that the CBN governor, Godwin Emefiele, confirmed to him that commercial banks could dispense and accept old notes from customers.
He wrote, “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive the same as deposits from customers. Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.
“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.
“Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.
“Residents should report any bank that refuses to accept deposits of the old notes. The Anambra State Government will not only report such a bank to the CBN but will also immediately shut down the defaulting branch.”
Vanguard/Punch/Simeon Ugbodovon
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