Following the directive by the Central Bank of Nigeria, CBN, that note naira notes remains a legal tender, Governor Babajide Sanwo-Olu of Lagos State, has directed residents of the state to go ahead and have transactions with the old notes.
The governor said Lagosians should feel free to use the old notes for commercial purposes. He also threatened that the state government will sanction any business that fails to collect the old notes.
Sanwo-Olu expressed his displeasure at the difficulties and pains Lagosians are currently facing over the naira redesign issues. He warned that any bank branch that failed to collect the old notes would be shut down immediately and reported to the CBN.
He said, “I discussed with top officials in CBN who assured me that commercial banks were directed to accept the old N500 and N1,000 notes as deposits and pay them out for withdrawals. They informed me that commercial banks got the directive at a Bankers’ Committee meeting on Sunday, March 12, 2023.
“I, therefore, urge you to go ahead and have transactions with the old notes. Lagosians should feel free to use the old notes for commercial purposes. Retailers, transporters, traders and all businesses must not reject them, as they remain legal tender, following the Supreme Court verdict, which extends the validity of the notes to December 31, 2023.
“Any business that fails to collect the notes will be heavily sanctioned. I, therefore, advise Lagos residents to freely accept and transact their businesses with the old currency notes (N200; N500; and N1,000) as well as the new notes.
“If any bank refuses to accept deposits of old notes, please lodge a complaint with the Lagos State Consumer Protection Agency (LASCOPA) via these numbers; 08124993895, 09064323154, 08092509777.
“The Lagos State Government will report the bank to the CBN and immediately shut down the offending branch.
“I thank you so much and assure you that all this too shall pass as the authorities are working to ensure that the teething problems of the redesigning of our currency are resolved.”
