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By Lukman Olabiyi
Lagos State Government has 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.
He said that there is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.
In a statement issued by his Commissioner for Information and Strategy, Gbenga Omotoso, held that 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”,.
