Governor Sanwo-Olu Threatens To Shutdown Banks That Reject Old Naira Notes

Babajide Sanwo-olu
Babajide Sanwo-Olu (Credit: The Guardian Nigeria)

The Governor of Lagos state, Babajide Sanwo-Olu has threatened to sanction residents of the state that reject the old Naira notes and also take necessary steps to shutdown banks found guilty of rejecting old Naira notes deposits. He also published a phone number for submission of complaints against erring banks.

This is following the supreme court ruling that declared old Naira notes as legal tender till December 31, 2023. Despite the ruling, old Naira notes isn’t still in circulation as banks and residents reject them.

To this effect, Sanwo-Olu of lagos has released a statement that reads:

My dear Lagosians, I have noted the difficulties that you have been having over the naira redesign crisis. I feel your pains.

Kindly note that commercial banks have been directed to accept the old N500 and N1,000 notes as deposits and pay them out for withdrawals.

Putting the needs of our residents above all, we successfully got a Supreme Court verdict which extends the validity of the existing Naira notes till Dec 31st, 2023.

The CBN at a Bankers Committee meeting yesterday directed Banks to resume acceptance in compliance.

I urge all businesses in Lagos to accept the old notes as it is legal tender.

Anyone rejecting these notes will be heavily sanctioned as we kick off monitoring.

If a bank refuses to accept deposits of old notes, please lodge a complaint with LASCOPA on 08124993895.

The Lagos State Government will report the bank to the CBN and immediately shut down the offending branch.

I assure you that this too shall pass as the authorities are working to ensure that the teething problems of the redesigning of our currency are resolved.”

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