The hardship that Nigerians in Lagos are going through owing to the cash redesign confusion has caught the attention of Babajide Sanwo-Olu who has cautioned business owners and retailers in the state against rejecting the money.
There are plenty tales of suffering that Nigerians have been subjected since the Naira redesign policy introduced by the Central Bank of Nigeria late last year which tactically withdrew almost 3 trillion Naira of old (N200, N500 and N1000) notes in circulation and releasing not enough of the new notes thereby creating acute scarcity.
Citizens across the country have had difficulty in carrying out socio-economic activities because they can’t access their trapped cash in the bank. There have been violent protests across the country over the development yet there hasn’t been any meaningful solution.
The Supreme Court on March 3, 2023, ruled that the old Naira notes of 1000, 500 and 200 will remain a legal tender till December 2023 saying that the order made by the Central Bank of Nigeria on the Naira redesign policy stopping the circulation of the old notes should have been made after due consideration by the Federal Executive Council and other relevant bodies.
The court also held that changing the Naira notes should have been through proper dialogue by relevant bodies with prior notice to the citizens and that the old notes be allowed to co-exist with the new ones for a period of one year.
However, almost two weeks after that ruling, the hardship faced by Nigerians before the court ruling has not abated. Deposit Money Banks have now started releasing the old notes to customers but the customers face another hurdle of retailers and business owners rejecting the old notes which has brought more confusion to the polity.
The Lagos State Government said it has noted the hardship and its negative effects on business and commercial activities.
A statement by the Commissioner For Information And Strategy in Lagos, Gbenga Omotoso, said: “There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023….
“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.”
