The Lagos State Government says it 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,” Governor Babajide Sanwo-Olu asserted in a statement on Monday, March 13, 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 Sanwo-Olu in his statement 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.
The governor also advised all agencies of the Lagos State Government not to reject payments made with the old currency by the public.
Governor Akeredolu Decries Rejection Of Old Naira Notes Following Supreme Court Order
The governor of Ondo State, Rotimi Akeredolu, has expressed his concern over the rejection of the old N500 and N1000 naira notes by Nigerians, stating that it is illegal and goes against the ruling of the Supreme Court.
Speaking during a statewide broadcast on Thursday, March 9, 2023, the governor urged Nigerians to stop rejecting the old notes and warned that anyone caught doing so would face the full wrath of the law.
“It has come to our attention that some Nigerians are rejecting the old N500 and N1000 notes, claiming that they are no longer legal tender. I want to make it clear that this is illegal and goes against the ruling of the Supreme Court,” he said.
The governor went on to explain that the Supreme Court had ruled that the old notes remain legal tender and that the Central Bank of Nigeria (CBN) had also issued a statement to that effect.
“The Supreme Court has ruled that the old notes are still legal tender, and the CBN has also issued a statement confirming this. Therefore, anyone who refuses to accept the old notes is breaking the law and will face the full wrath of the law,” he added.
The rejection of the old notes by Nigerians has become a cause for concern, with many businesses and individuals refusing to accept them. The development has led to a shortage of small denominations, as people hold on to the new notes.
The governor’s statement has been welcomed by many, who see it as a step towards addressing the issue and restoring the confidence of Nigerians in the old notes.
The Central Bank of Nigeria (CBN) has also reiterated its commitment to ensuring that the old notes remain legal tender and urged Nigerians to stop rejecting them.
The rejection of the old notes has been attributed to rumors that the CBN plans to demonetize them, which the apex bank has denied. The CBN has stated that the old notes will continue to circulate alongside the new ones, and that there are no plans to demonetize them.
The governor’s call for Nigerians to accept the old notes is expected to ease the situation and ensure that businesses and individuals have access to small denominations.
Source: ChannelsTV
