Old N500, N1000 remain legal tender in Lagos, Sanwo-Olu insists

Lagos Governor Babajide Sanwo-Olu has called on business owners, especially retailers, to accept the old N500 and N1,000 notes in line with the Supreme Court judgment that the currency remains legal tender until December 31.

A statement by Commissioner for Information and Strategy, Gbenga Omotoso, reiterated that rejecting the old notes is illegal.

It reads: “The government notes the hardship sparked by the Naira redesign policy, which has affected business and commercial activities. But there is no reason to reject the old notes, going by the Supreme Court judgment delivered on March 3, 2023. All agencies of the Lagos State government are advised not to reject payments made with the old currency by the public.

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“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.

“Governor Babajide Sanwo-Olu, therefore, urged business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the Supreme Court judgment that the currency remains legal tender until December 31, 2023.