July 21, 2024

I Urge all Businesses in Lagos to Accept the Old Notes as Legal Tender -Sanwo-Olu 

 

By: Ogunleye Oluwapelumi

 

Following the after effects of the controversies between the old and new Naira Notes, governor Sanwo Olu on Monday came out to reconfirm that both the old and new have been approves by the Supreme court; hence, nobody should be found rejecting it.

 

Sanwo-Olu in a tweet wrote, “My dear Lagosians, I have noted the difficulties that you have been having over the Naira redesign crisis. I feel your pain. 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.

 

” Putting the needs of our residents above all, we successfully got a Supreme Court verdict which extends the validity of the existing Naira notes until Dec. 31st, 2023.

 

“The CBN at a Banker’s Committee meeting yesterday directed Banks to resume acceptance in compliance. Anyone rejecting these notes will be heavily sanctioned as we kick off monitoring. 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” he concluded.

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