Lagos to shut banks rejecting old naira notes, asks residents to report defaulters

Babajide Sanwo-Olu, governor of Lagos, says any business operating in the state that rejects old naira notes would be “heavily sanctioned”.

TheCable earlier reported that the governor instructed all agencies of the state government not to reject payments made with the old currency.

In a statement by Gboyega Akosile, his chief press secretary, Sanwo-Olu said all Lagosians should feel free to use the old notes for commercial purposes.

The governor said that the Central Bank of Nigeria (CBN) had, at a Bankers’ committee meeting on Sunday, directed banks to resume acceptance of old notes in compliance with the supreme court verdict.

He warned that any bank branch that failed to collect the old notes would be shut down immediately and reported to the apex bank.

Sanwo-Olu told Lagos residents to lodge complaints against any bank that refuses to accept deposits of old notes to the Lagos State Consumer Protection Agency (LASCOPA).

“My dear Lagosians, I have noted the difficulties you have been having over the naira redesign crisis. I feel your pain,” the statement reads.

“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.”