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The CBN introduced a naira redesign policy that changed the look and feel of the N200, N500, and N1000 notes late 2022.
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However, the apex bank gave a short deadline to phase out the old naira notes, which triggered a cash scarcity across the country.
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Following a Supreme Court order that nullified the deadline, the Lagos government has issued a threat to shut banks that reject old naira notes.
Eko Hot Blog reports that Lagos State Governor, Babajide Sanwo-Olu, has said the government will “immediately shut” commercial banks that refuse to accept the deposit of old naira notes.
The governor spoke through his Chief Press Secretary, Gboyega Akosile, on Monday evening, hours before the Central Bank of Nigeria (CBN) broke its long silence and announced that the old N200, N500, and N1000 notes remain legal tender till December 31 as the Supreme Court ordered.
EDITOR’S PICKS
Sanwo-Olu noted that any business operating in Lagos that rejects old naira notes would be “heavily sanctioned.”
He stated that all Lagosians should feel free to use the old notes for commercial purposes.
The governor also told Lagos residents to lodge complaints against any bank that refuses to accept deposits of old notes to the Lagos State Consumer Protection Agency (LASCOPA).
“My dear Lagosians, I have noted the difficulties you have been having over the naira redesign crisis. I feel your pain,” the statement reads.
“I discussed with top officials in CBN who assured me that commercial banks were directed to accept the old N500 and N1,000 notes as deposits and pay them out for withdrawals. They informed me that commercial banks got the directive at a Bankers Committee meeting on Sunday, March 12, 2023.
“I, therefore, urge you to go ahead and have transactions with the old notes. Lagosians should feel free to use the old notes for commercial purposes.
“Retailers, transporters, traders and all businesses must not reject them, as they remain legal tender, following the Supreme Court verdict, which extends the validity of the notes to December 31, 2023.”
“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.
FURTHER READING
“I thank you so much and assure you that all 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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