Lagos to sanction businesses rejecting old naira notes

The Lagos State Governor, Babajide Sanwo-Olu, on Monday urged the people of the state to accept the old N200, N500, and N1000 naira notes.

Sanwo-Olu, who made the appeal in a statement issued by his Chief Press Secretary, Gboyega Akosile, threatened to sanction any business that rejects the old naira notes in the state.

The Supreme Court had on March 3 reversed the redesign of the Naira notes and extended the validity of the old naira notes to December 31.

The Central Bank of Nigeria (CBN) in a statement issued on Monday evening by its Acting Director of Corporate Communications, Isa Abdulmumin, directed banks to start issuing and collecting the old naira notes.

The Abia, Kogi, and Ekiti States governments had last week threatened to prosecute individuals and businesses still rejecting the old banknotes in their states.

The statement read: “My dear Lagosians, I have noted the difficulties you have been having over the naira redesign crisis. I feel your pain.

READ ALSO: JUST IN: CBN finally obeys Supreme Court’s order on old naira notes, says old currency remain valid till December 31

“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.”

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