By Oghale Mafuru 

The Lagos State Governor Babajide Sanwo-Olu has directed that all business enterprises and government agencies within the state should commence use of the old naira notes in line with the Supreme Court’s judgement which declared that it legal tender until Dec, 31st, 2023.

The governor made who this announcement in a statement signed by Gbenga  Omotosho,  the Honourable Commissioner of Information and Strategy, stated that he is aware of devastating impact of the naira redesign policy on individuals and businesses in the state.

The statement partly reads that: “There is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.

“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.”

While noting that the court had maintained that the policy has impeded the functions of State governments, directed that all agencies of the Lagos State Government should accept payments made with the old currency by the public until December 31, 2023, the deadline for its legality as stated by the Apex Court.

Meanwhile, over the weekend, some superstores and retail outlets in Lagos commenced acceptance of the old naira notes to delight of consumers.

MARKETING EDGE visited some supermarkets and observed that customers were allowed to make cash payments with old naira notes or through electronic transfers and Automated Teller Machines, ATMs.

The reporter noticed that there were still long queues at the supermarkets as most consumers are still unaware that they can make payments with the old naira notes.

However, MARKETING EDGE market insights revealed that some commercial banks made payouts of the old currency which were rejected by retailers, vendors and transport operators in the state.

Some of the consumers who spoke to MARKETING EDGE decried the harsh economic policy which has aggregated the sufferings of Nigerians.

While narrating her ordeal at the bank, a passenger at one of the commercial parks in the state who spoke on anonymity said she had resorted to walking some distance to work each day due to the cash scarcity.

” The bus drivers barely agree to collect transfer and you know they also reject old naira notes. I have naira notes that I can use. I managed to get some new naira notes and that’s what I have been managing”.

Victor Obata, commenting on this stated that he had to limit cash purchases and buy most items online.

“I have been managing the N10,000 I was able to get a month ago. It has not been easy but I try to reduce what I buy with cash so I buy online and have it delivered to me”.

Recall that the Supreme Court in its ruling on March 3, 2023, directed the Nigerian government to allow the validity of N200, N500, and N1000 notes until December 31st.