Threatening To Close Companies, Sanwo-olu
The governor of Lagos State, Mr. Babajide Sanwo-Olu, gave the go-ahead on Monday for citizens to conduct transactions using the old Naira notes, saying Lagosians should feel free to do so.
The instruction was provided by Governor Sanwo-Olu in a letter he drafted and sent to residents of Lagos.
The Governor stated that the Supreme Court decision, which extends the validity of the notes until December 31, 2023, and the Bankers Committee’s directive to the commercial banks during its meeting on Sunday, March 12, 2023, served as the foundation for his order regarding the collection of the old Naira note.
The Lagos State Government will penalize any company that fails to collect the old notes, according to Governor Sanwo-Olu, who expressed his displeasure at the challenges and suffering Lagosians are currently experiencing as a result of the Naira redesign issues. He also issued a warning that any bank branch that failed to collect would be closed down immediately and reported to the Central Bank of Nigeria (CBN).
He advised Lagos citizens to file complaints with the Lagos State Consumer Protection Agency against any bank that refuses to accept deposits of old currencies (LASCOPA).
“My fellow Lagosians, I have observed the challenges you have been encountering about the naira redesign dilemma,” the message begins. I can relate to your suffering.
“I spoke with senior CBN officials, who informed me that commercial banks had been told to accept deposits in the old N500 and N1,000 notes and pay them out as withdrawals. They told me that on Sunday, March 12, 2023, the Bankers Committee gave the order to commercial banks.
“Thus, I strongly advise you to proceed with any transactions with the old notes. Lagosians are welcome to utilize the outdated notes for profit. With the Supreme Court’s decision extending the notes’ legal currency status until December 31, 2023, retailers, transporters, merchants, and any other enterprises should not reject them.
“Any firm that fails to collect the notes would be seriously sanctioned,” Governor Sanwo-Olu warned. As a result, I advise Lagos people to freely accept and do business using both the new notes and the older ones (N200, N500, and N1,000).
“Please contact the Lagos State Consumer Protection Agency (LASCOPA) through these numbers: 08124993895, 09064323154, or 08092509777 if any bank refuses to accept deposits of old money.
“The Lagos State Government will inform the CBN about the bank and shut down the violating branch right now.
“I sincerely appreciate you and promise you that everything will be OK since the authorities are working to fix the teething issues with the redesign of our currency.”
