I’ll shutdown any bank that rejects old notes – Lagos Governor Sanwo-Olu declares

The Lagos state Governor, Babajide Sanwo-Olu, has ordered that any bank that doesn’t accept the old notes will be shut down and reported to CBN.

The Governor said that the banks had already been given the directive to collect the notes at a recent meeting and hence the old notes could still be used pursuant to the Supreme Court judgement.

The Governor promised sanctions on people and businesses who rejected the old notes as he said that they remained legal tender.

The Governor said the directive was meant to ease the pain of Lagosians who were suffering the cash crunch.

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He assured residents of his state that the difficulties would be over soon with normalcy returning.

He wrote:

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

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.

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