Nigeria: It Is Illegal to Reject Old Naira Notes

Mr Sanwo-Olu urges business owners and government agencies to accept the old naira notes in accordance with the court ruling.

Lagos governor, Babajide Sanwo-Olu, has called on business owners and government agencies in the state to accept the old naira notes.

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

Despite the Supreme Court’s ruling which validates the old naira notes until 23 December, Nigerians are refusing to accept them in exchange for goods and services despite the scarcity of the new notes.

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

“The Lagos State government has noted the hardship sparked by the naira redesign policy, which has affected business and commercial activities,” the statement 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 “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 31 December 2023. It is illegal 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.”