Lagos State Governor, Babajide Sanwo-Olu has announced that penalties await commercial banks and business owners found rejecting the old naira notes in the state.
The Governor also vowed to shut down erring commercial banks in the state.
In a series of tweets, the governor urged people of the state to lay their complaints to LASCOPA if their old naira notes are rejected.
The governor lamented the difficulties that people of the state are passing through over the redesigned naira.
According to Babajide Sanwo-Olu, the old naira notes remain legal tender in the state.
“My dear Lagosians, I have noted the difficulties that you have been having over the naira redesign crisis. I feel your pains. Kindly note that commercial banks have been directed to accept the old N500 and N1,000 notes as deposits and pay them out for withdrawals.
“Putting the needs of our residents above all, we successfully got a Supreme Court verdict which extends the validity of the existing Naira notes till Dec 31st, 2023. The CBN at a Bankers Committee meeting yesterday directed Banks to resume acceptance in compliance.
“I urge all businesses in Lagos to accept the old notes as it is legal tender. Anyone rejecting these notes will be heavily sanctioned as we kick off monitoring. If a bank refuses to accept deposits of old notes, please lodge a complaint with LASCOPA on 08124993895.
“The Lagos State Government will report the bank to the CBN and immediately shut down the offending branch. I assure you that this too shall pass as the authorities are working to ensure that the teething problems of the redesigning of our currency are resolved.”
Read also:
CBN Speaks on Earlier Report That Banks Can Dispense and Accept Old Notes.
JUST IN ! ‘CBN Has Authorised Banks to Pay and Receive Old Notes’ – Soludo
JUST IN !Sanwo-Olu Announces Penalties for Banks Rejecting Old Notes