Sanwo-Olu Unveils Number to Call to Report Banks Rejecting Old Naira Notes

March 13, 2023
reject old Naira notes

By Aduragbemi Omiyale

Governor Babajide Sanwo-Olu of Lagos State has asked residents of the metropolis to call a number to report any bank that refuses to accept the deposits of old Naira notes.

In a series of tweets on his verified Twitter page on Monday evening, Mr Sanwo-Olu said his government would take action against such a financial institution, emphasising that the old currency notes remain legal tender as declared by the supreme court on March 3, 2023.

Last week, some commercial banks began dispensing the old currency denominations to customers but refused to accept them as deposits when returned to banks.

This action has further subjected citizens to untold hardship, causing small businesses to shut down because of the cash crunch.

But the Lagos State Governor has appealed to residents of the metropolis to accept the notes, noting that a monitoring team has been set up for compliance.

“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 December 31, 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,” Mr Sanwo-Olu wrote.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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