The Lagos State Government, led by Governor Babajide Sanwo-Olu, promised on Wednesday to bring legal action against anyone who refused to accept outdated naira notes as legal tender throughout the state.
According to a statement from the state’s commissioner for Information and Strategy, Gbenga Omotoso, the former denominations of N200, N500, and N1,000 are still considered lawful cash because the Supreme Court has not yet issued a ruling on the issue.
The statement read, “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 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.”