SANWO-OLU: OLD NAIRA NOTES REMAIN LEGAL TENDER

SANWO-OLU: OLD NAIRA NOTES REMAIN LEGAL TENDER 

 

The Lagos State Government has noted the hardship sparked by the Naira redesign policy, which has affected business and commercial activities.  

 

There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023. 

 

The apex court declared that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.

 

The court maintained that the policy has impeded the functions of State governments, pointing out that the directive that stops the use of the old notes is illegal, unconstitutional, null and void.

 

Governor Babajide Sanwo-Olu has, therefore, called on 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 December 31, 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.

 

 

Gbenga Omotoso 

HC, Information & Strategy

#ForAGreaterLagos
#AGreaterLagosRising
#LASG

Comments

Post a Comment

Popular posts from this blog

NOELLA FOUNDATION JOINS KOSOFE COUNCIL TO GIVE 2000 BAGS OF FREE RICE.......

Image
NOELLA FOUNDATION JOINS KOSOFE COUNCIL TO GIVE 2000 BAGS OF FREE RICE... .... Unprecedented crowd besiege Council's  secretari The pet project of Hon. Barr. Moyosore Ogunlewe, tagged  "Kosofe Food Bank", a free food exercise designed to cushion the excruciating effect of fuel subsidy removal, received a boost from a foundation named Noella  with the distribution of 2,000 10kg bags of free rice to the residents of Kosofe local Government. The elated recipient of the free rice,  Mrs. Ganiyat Raji, a resident of Oworonshoki, grinned from ear to ear as she clutched the bag of rice and said the food would assist the family to some extent. She thanked the Executive Chairman, Barrister Moyosore Ogunlewe and the Noella Foundation for their magnanimity. Speaking in a similar vein, a lucky young man, Mr. Joseph Ogunbanjo a resident of Maryland who also got the rice lauded the council Cha
Read more

STATE HOUSE PRESS RELEASE WHY I CHOSE TO UNIFY EXCHANGE RATE, REFUSED TO PARTAKE IN ARBITRAGE – TINUBU.

Image
STATE HOUSE PRESS RELEASE  WHY I CHOSE TO UNIFY EXCHANGE RATE, REFUSED TO PARTAKE IN ARBITRAGE – TINUBU  President Bola Ahmed Tinubu Thursday in Lagos said he could have chosen to maintain the hitherto multiple foreign exchange systems and benefit from it, but instead opted to unify the official and parallel market rates to save the country from financial hemorrhage.   Speaking at a civic reception organised in his honour by the Lagos State Government at the Lagos House, Marina, President Tinubu said he took the decision in the nation’s best interest just like he did with fuel subsidy removal.   "I could afford to share the benefit by participating in the arbitrage, but God forbid! That's not why you voted for me," he said.   The President said it was imperative to take those decisive actions in the early days of his administration.  "We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,&q
Read more

OGUNLEWE'S AIDE, FUNSHO SAMAGBEYI, BURIES FATHER IN-LAW IN DELTA STATE.

Image
OGUNLEWE'S AIDE, FUNSHO SAMAGBEYI, BURIES FATHER IN-LAW IN DELTA STATE. The father-in-law of the Senior Special Assistant on  Health to Hon. Barr. Moyosore Ogunlewe was on Saturday buried in his hometown at the Frederick-Ishie Residence, Along Frederick-Ishie Crescent Umutu , Ukwuani Local Government Area of Delta State. The late Mr. Frederick O. Ishie  who died on 20th day of August 2023 at the age of 70 years, was the father of Dr.Mrs. Samagbeyi.    The late Frederick served as the general manager (Technical) of the Insurance Powerhouse, Standard Insurance Consultants.  Late Fred is an associate member of the Institute of Commercial Management Berkshire England and also an executive member of American Institute of Management, Boston. He is a member in Council of the Nigerian Corporation of Registered Insurance Brokers and he served as the Branch Chairman (West) of the Organization. Sin
Read more