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Lagos State governor, Babajide Sanwo-Olu, has stated previous N500 and N1,000 notes stay authorized tender and urged Lagosians to not reject them.
Sanwo-Olu in an announcement by data commissioner Gbenga Omotosho stated the controversy across the validity of naira notes has affected lots of companies and business actions.
“The Lagos State Authorities has famous the hardship sparked by the Naira redesign coverage, which has affected enterprise and business actions,” Sanwo-Olu stated.
President Muhammadu Buhari in February famous that previous N500 and N1000 naira notes have ceased to be authorized tender.
However a Supreme Court docket ruling prolonged the validity of previous N200, N500, and N1,000 notes until December 31, 2023.
Regardless of the ruling, enterprise house owners and transporters in components of the nation have continued to reject the previous N500 and N1000 notes.
Sanwo-Olu stated there ought to be “no cause to reject the previous notes, going by the Supreme Court docket judgement delivered on March 3, 2023.”
“The apex courtroom declared that “no affordable discover was given as required by Part 20(3) of the CBN Act,” noting that the general public solely grew to become conscious of the coverage by means of press remarks, which can’t qualify as a discover to the general public.
“The courtroom maintained that the coverage has impeded the features of State governments, declaring that the directive that stops using the previous notes is illegitimate, unconstitutional, null and void. It’s unlawful to reject the notes.”
Sanwo-Olu referred to as on enterprise house owners, particularly retailers, to simply accept the previous N500 and N1,000 notes – consistent with the Supreme Court docket judgement that the forex stays authorized tender till December 31, 2023.
“All businesses of the Lagos State Authorities are suggested to not reject funds made with the previous forex by the general public.”
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