There is unimaginable confusion about the use of old Naira notes in Nigeria, especially in most populated cities.
For instance, in Lagos, residents are lamenting that banks pay out old notes while outright rejection of the currency awaits the person at point of use.
If you want to pay a woman who sells paper in the market, she will refuse to accept that same currency you got from the bank.
The seller will claim that the commercial banks are not taking them as deposits.
Indeed, the Naira redesign strategy, which has had an impact on trade and business, has continued to cause hardship.
The Lagos State Government says it has noted the hardship sparked by the Naira redesign.
In a statement on Monday, Governor Babajide Sanwo-Olu said that in light of the Supreme Court’s ruling from March 3, 2023, there was no justification for rejecting the old notes.
The highest court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” pointing out that the public only learned about the policy through press remarks, which cannot be considered a notice to the public.
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In his message, Governor Sanwo-Olu urged business owners, particularly shopkeepers, to accept the old 500 and 1,000 Naira notes in accordance with the Supreme Court’s ruling that the notes are still valid until December 31, 2023.
Rejecting the notes is prohibited.
The governor also cautioned all departments and offices of the Lagos State Government not to refuse payments made by the general public with old money.
Nigerians are hoping that things will normalise and that the Naira circulates as soon as possible.
