Meanwhile, traders and business owners have praised the governor for his statement, which they say will bring relief to them and their customers.
A trader in the popular Balogun Market, Mrs Chioma Okonkwo, said, “We are very happy that the governor has intervened in this matter. We have been rejecting the old notes because we were afraid of running afoul of the law. But now we know that we can accept them.”
Another trader, Mr Adekunle Adeoye, said, “This is a good development. We have been having a lot of problems with the new notes. Sometimes, they tear easily and customers complain. With the old notes, we don’t have that problem.”
The Naira redesign policy, which was introduced by the CBN in November 2022, required Nigerians to stop using the old N500 and N1,000 notes and replace them with new ones. The CBN said the new notes are more secure and harder to counterfeit.
However, the policy was met with widespread protests and criticism, with many Nigerians saying they did not have enough time to exchange their old notes for new ones. The CBN had given Nigerians until December 31, 2022, to exchange their old notes, after which they would no longer be legal tender.
The policy also caused confusion among businesses, with many deciding whether to accept the old notes or not. Some traders even stopped taking the old notes, causing further hardship for customers who still had them.
The Supreme Court ruling, which was delivered in response to a lawsuit filed by a Lagos-based lawyer, has now provided clarity on the matter.
In his ruling, Justice Olabisi Ogungbesan said, “It is clear that the CBN did not comply with the requirement of the law in introducing the policy. The order to stop using the old notes is therefore null and void.”
The ruling has been welcomed by many Nigerians, who say that it will bring relief to businesses and individuals who have been struggling with the new notes.