Previous 500 And 1000 Naira Notes Are Still Valid, According To Sanwo-olu
The governor of Lagos State, Babajide Sanwo-Olu, said that the old N500 and N1,000 notes are still valid and asked Lagosians not to discard them.
According to Sanwo-Olu, several enterprises and commercial operations have been impacted by the debate over the legality of naira notes, according to a statement by information commissioner Gbenga Omotosho.
The difficulty brought on by the Naira redesign strategy, which has had an impact on trade and commerce, has been recognized by the Lagos State Government, according to Sanwo-Olu.
In February, President Muhammadu Buhari announced that the previous N500 and N1000 notes were no longer valid.
Yet as of December 31, 2023, old N200, N500, and N1,000 notes are still legal according to a Supreme Court decision.
Notwithstanding the decision, certain business owners and transporters in the nation have persisted in refusing to accept the outdated N500 and N1000 notes.
According to Sanwo-Olu, “going by the Supreme Court judgment given on March 3, 2023, there should be no cause to reject the old notes.”
The Supreme Court ruled that “no reasonable notice was provided as required by Section 20(3) of the CBN Act,” pointing out that the public only learned about the policy via press statements, which cannot be considered a public notice.
