The Naira redesign strategy, which has disrupted economic and commercial activity, the Lagos State Government claims, has caused hardship.
According to the Supreme Court’s ruling from March 3, 2023, Governor Babajide Sanwo-Olu claimed in a statement on Monday that there was no justification for rejecting the old notes.
The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” adding that press reports were the primary source of information about the policy and could not be considered notice to the public.
The directive that forbids the use of the old notes is illegal, unconstitutional, null, and void, the court argued, maintaining that the policy has interfered with state governments’ ability to carry out their duties.
In his message, Governor Sanwo-Olu urged business owners, particularly shopkeepers, to accept the old N500 and N1,000 notes in accordance with the Supreme Court’s ruling that the notes are still valid until December 31, 2023. Rejecting the notes is prohibited.
The governor also cautioned all departments and offices of the Lagos State Government not to refuse payments made by the general public with old money.