Babajide Sanwo-Olu, the Lagos State Governor, has threatened to prosecute anyone who rejects old N200, N500 and N1,000 denominations of the Naira.

Defying the Central Bank of Nigeria (CBN)’s February 10, 2023 deadline, Sanwo-Olu, in a statement signed by Gboyega Akosile, his chief press secretary, on Wednesday, said rejecting the old notes was illegal.

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 (CBN) 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.”

This came hours after reports of Lagos residents finding it difficult to transact went public.