Nigeria: It Is Unlawful to Reject Previous Naira Notes

Mr Sanwo-Olu urges enterprise homeowners and authorities businesses to just accept the outdated naira notes in accordance with the courtroom ruling.

Lagos governor, Babajide Sanwo-Olu, has referred to as on enterprise homeowners and authorities businesses within the state to just accept the outdated naira notes.

The governor in a press assertion signed by the state’s commissioner of knowledge, Gbenga Omotoso, on Sunday mentioned “it’s unlawful to reject the outdated notes.”

Regardless of the Supreme Court docket’s ruling which validates the outdated naira notes till 23 December, Nigerians are refusing to just accept them in trade for items and providers regardless of the shortage of the brand new notes.

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

“The Lagos State authorities has famous the hardship sparked by the naira redesign coverage, which has affected enterprise and business actions,” the assertion reads.

“There isn’t any motive to reject the outdated notes, going by the Supreme Court docket judgment delivered on March 3, 2023.”

Mr Sanwo-Olu urged “enterprise homeowners, particularly retailers, to just accept the outdated N500 and N1,000 notes – in keeping with the Supreme Court docket judgement that the forex stays authorized tender till 31 December 2023. It’s unlawful to reject the notes.

“All businesses of the Lagos State Authorities are suggested to not reject funds made with the outdated forex by the general public.”