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Sanwo-Olu Vows To Shut Banks Rejecting Old Naira Notes, Releases Hotlines For Reporting

The Governor of Lagos State, Babajide Sanwo-Olu, has vowed to report any bank that rejects the old notes to the Central Bank of Nigeria and to shut the offending branch immediately.

He made this known in a statement released via his Instagram account on Monday.

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

“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.”

Meanwhile, Central Bank of Nigeria CBN has ordered commercial banks to accept and dispense N200, N500 and N1000.

Prevail Inegbenose

Prevail Inegbenose is the Chief Executive Officer (CEO), Spark Media & Entertainment Ventures, the Publisher of Spark News Daily - Nigeria's most sought-after online newspaper in Government, Politics, Sport, Entertainment and Religion. Prevail Inegbenose studied Mass Communication from the prestigious Auchi Polytechnic Auchi and graduated in 2007. He is an experienced journalist with 16 years of active and practical journalism. Prevail Inegbenose is the Lead Pastor, House of God Int'l - Rest Tabernacle, Abuja - Nigeria. Tel: 08039564796.

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