Babajide Sanwo-Olu, Governor, Lagos State

Lagos State Governor, Mr. Babajide Sanwo-Olu, has said that the government will sanction any business that fails to collect the old notes, warning that any bank branch that failed to collect would be shut down immediately and reported to the Central Bank of Nigeria (CBN).

He therefore urged 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. He also urged customers to report any bank or business that refuse to collect the old Naira note to the Lagos State Consumer Protection Agency (LASCOPA).

According to him, “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 N1,000) 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.”

He pointed that 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.