Naira Scarcity: Sanwo-Olu Threatens Banks Rejecting Old Naira, Releases Hotlines For Reporting Businesses

Lagos State Governor, Babajide Sanwo-Olu, has directed residents of the State to go ahead and have transactions with the old Naira notes, saying Lagosians should feel free to use the old notes for commercial purposes.

Governor Sanwo-Olu gave the directive in a letter he wrote and addressed to Lagosians on Monday.

Naija News reports that this was made known in a statement released by the Chief Press Secretary to the Governor, Gboyega Akosile.

The Governor said his directive on collection of the old Naira note is based on the Supreme Court verdict, which extends the validity of the notes to December 31, 2023, and the Bankers Committee’s directive to the commercial banks during its meeting on Sunday, March 12, 2023.

Governor Sanwo-Olu, who expressed his displeasure at the difficulties and pains Lagosians are currently facing over the Naira redesign issues, said Lagos State Government will sanction any business that fails to collect the old notes.

He also warned that any bank branch that failed to collect would be shut down immediately and reported to the Central Bank of Nigeria (CBN).

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).

The statement reads in part: “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 ₦1,000 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.”

Governor Sanwo-Olu warned that: “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 ₦1,000) 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.”