Naira Crisis: Sanwo-Olu Cushions Effects, Vows To Prosecute Those Rejecting Old Naira Notes

Following the persistent scarcity of the redesigned naira notes that have inflicted hardship on the general public, the Lagos State Governor, Babajide Sanwo-Olu on Wednesday vowed to prosecute anyone rejecting old naira notes as legal tender across the state.

In a statement by the state’s Commissioner, Information and Strategy, Gbenga Omotoso, the governor said since the Supreme Court judgment was yet to rule on the matter, the old N200, N500, and N1,000 remain legal tender.

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.”