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Gov Sanwo-Olu Unveils Punishment For Lagos Banks Rejecting Old N500, N1000

Published

7 days ago

March 13, 2023

Lagos State Governor, Babajide Sanwo-Olu has disclosed that commercial banks and business owners who refuse to accept the old naira notes in the state would be sanctioned..

Sanwo-Olu 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 Sanwo-Olu, the old naira notes remain legal tender in the state.

He said: “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.

“We successfully got a Supreme Court verdict which extends the validity of the existing naira notes till Dec 31st, 2023.

“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 Govt will report the bank to the CBN and immediately shut down the offending branch.”