Nigeria: It Is Illegal to Reject Old Naira Notes, Sanwo-Olu Tells Traders, Govt Agencies

Mr Sanwo-Olu urges commercial enterprise homeowners and authorities corporations to simply accept the outdated naira notes in accordance with the court docket ruling.

Lagos governor, Babajide Sanwo-Olu, has known as on commercial enterprise homeowners and authorities corporations within the state to simply accept the outdated naira notes.

The governor in a press assertion signed by the state’s commissioner of info, Gbenga Omotoso, on Sunday mentioned “it is illegal to reject the old notes.”

Despite the Supreme Court’s ruling which validates the outdated naira notes till 23 December, Nigerians are refusing to simply accept them in trade for items and providers even with the shortage of the brand new notes.

Many Nigerians are awaiting the CBN’s directives on authorized tender.

“The Lagos State government has noted the hardship sparked by the naira redesign policy, which has affected business and commercial activities,” the assertion reads.

“There is no reason to reject the old notes, going by the Supreme Court judgment delivered on March 3, 2023.”

Mr Sanwo-Olu urged “commercial enterprise homeowners, certainly retailers, to simply accept the outdated N500 and N1,000 notes – consistent with the Supreme Court judgement that the foreign money stays authorized tender till 31 December 2023. It is against the law 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.”