Sanwo-Olu tells Lagosians to resume collection of old naira notes

Sanwo-Olu tells Lagosians to resume collection of old naira notes

Elsie Udoh

The Governor of Lagos State, Babajide Sanwo-Olu has urged Lagosians to resume collection of the old naira notes as they remain an acceptable legal tender.

Recall that the Supreme court had extended the validity of the old naira notes to December 31st since March 3.

Although some banks had begun dispensing the old naira notes since the ruling, traders have continued to reject the old naira note thus making living conditions difficult for Lagosians.

On Monday, Sanwo-Olu took to his Twitter page to reiterate the directive of the apex court on the validity of the existing naira notes.

The governor explained that “the CBN at a Bankers Committee meeting yesterday directed banks to resume acceptance in compliance.”

He further stated that there will be monitoring in the state to ensure that the directive is adhered to and that anyone found rejecting the old naira notes will be heavily sanctioned.

“If a bank refuses to accept deposits of old naira notes, please lodge a complaint with LASCOPA on 08124993895,” the statement read in part.

“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.”


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