Naira Scarcity: Lagos To Sanction Any Business Refusing Old Naira Notes 

Gov. Babajide Sanwo-Olu of Lagos State has directed businesses in the state to collect the old Naira notes, or face sanction.

News Agency of Nigeria

Sanwo-Olu, in a statement on Monday, directed residents to go ahead and have transactions with the old Naira notes.

According to him, Lagos residents should feel free to use the old notes for commercial purposes.

He said that his directive on a collection of the old Naira note was based on the Supreme Court verdict, which extended the validity of the notes to Dec. 31, 2023, and the Bankers Committee’s directive to the commercial banks during its meeting on March 12.

The governor expressed his displeasure at the difficulties and pains residents were facing over the Naira redesign issues.

He, therefore, said that the government would sanction any business that failed to collect the old notes.

Sanwo-Olu warned that any bank branch that failed to collect old notes would be shut down immediately and reported to the Central Bank of Nigeria (CBN).

He instructed Lagos residents to lodge complaints against any bank that refused to accept deposits of old notes to the Lagos State Consumer Protection Agency (LASCOPA), via these numbers; 08124993895, 09064323154, 08092509777.

”My dear Lagosians, I have noted the difficulties 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 Dec. 31, 2023.

”The Lagos State Government will report the erring 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,” he said.