According to the Supreme Court’s ruling from March 3, 2023, Governor Babajide Sanwo-Olu claimed in a statement on Monday that there was no justification for rejecting the old notes.
The Supreme Court ruled that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” adding that press reports were the primary source of information about the policy and could not be considered a notice to the public.
The directive that forbids the use of the old notes is illegal, unconstitutional, null, and void, the court argued, maintaining that the policy has interfered with state governments’ ability to carry out their duties.
According to the Supreme Court’s ruling that the old N500 and N1,000 notes remain lawful tender till December 31, 2023, Governor Sanwo-Olu urged business owners, particularly merchants, to accept them. To refuse the notes is against the law.
The governor also urged all government departments in Lagos State to accept payments made by the general public with old money.