The Lagos state governor Babajide Sanwo-Olu has called on business owners, especially retailers, to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement.
“There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023,” Governor Babajide Sanwo-Olu said in a statement today.
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.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
