Sanwo-Olu Warns Against Rejection of Old Naira Notes


Sanwo-Olu Warns Against Rejection of Old Naira Notes

Babajide Sanwo-Olu, Governor of Lagos State, has warned against the rejection of old Naira notes.

The warning came on the same day that the Supreme Court ruled that old Naira notes were still legal tender for business transactions.

The observation was made by Abdulhakeem Mustapha (SAN), a lawyer for the governments of Kaduna, Kogi, and Zamfara, at the Supreme Court in a case against the Attorney General of the Federation.

The three states filed the lawsuit against the AGF in response to the Central Bank of Nigeria’s redesign of the N200, N500, and N1,000 notes.

Mustapha reported the Federal Government to the seven-member panel of the Supreme Court as having stopped the acceptance of the old notes despite a February 8, 2023 ruling of the apex court that the old Nates remain valid until the suit before it is dispensed with.

The Supreme Court then adjourned further hearing till February 22, 2023.
In a statement by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, Sanwo-Olu vowed to move against anyone who rejected the old notes.

The statement on Wednesday after the Supreme Court revalidation of its order reads: “The Lagos State Government wishes to put on record the patience and calmness of Lagosians following the controversy generated by the Naira shortage crisis.

“The State Government has joined the dispute at the Supreme Court, which today adjourned the hearing of the matter till February 22. When the matter first came up on February 8, the apex court said the old notes remained legal tender.

“That position has not changed. The State Government hereby warns those rejecting the old notes to desist from doing so or face prosecution. It is against the law to reject the old notes as doing so is contrary to the position of the Supreme Court.

“Governor Sanwo-Olu urges Lagosians to remain law-abiding and shun mischief makers who may exploit this temporary situation to promote their anti-people agenda. He is confident that the Judiciary will resolve all the issues around the currency shortage crisis.

“To cushion the effect of the Central Bank of Nigeria (CBN) directive on the old notes, especially on the vulnerable among us, Lagos State has started the distribution of the food packs promised by the Governor. The 50% fares slash on all State transportation facilities continues, as directed by Mr. Governor.”


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