Legal Nigeria

Governor Babajide Sanwo-Olu has directed business owners, especially retailers, to accept the old N500 and N1,000 notes.

The Governor said his directive was in line with the Supreme Court judgment that the currency remains legal tender until December 31, 2023.

The governor, in a statement issued on Monday, noted that it is now illegal to reject the notes.

Sanwo-Olu said: “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.”

credit: PM News

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