Sanwo-Olu directs Lagosians to use old naira notes

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Governor Babajide Sanwo-Olu of Lagos State has directed individuals and businesses in the state to resume spending the old N500 and N1,000 notes.

Sanwo-Olu’s directive is contained in a statement he personally signed on Monday.

The Herald earlier reported that Prof Charles Soludo, the Governor of Anambra State and former Governor of the Central Bank of Nigeria (CBN), had given a similar directive in his state.

Sanwo-Olu said that top officials of the apex bank assured him that commercial banks in the country have been directed to accept the old N500 and N1,000 notes as deposits and pay them out as withdrawals.

He said that the commercial banks got the directive at a Bankers Committee meeting on Sunday, March 12.

“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,” the Lagos governor said.

Sanwo-Olu warned that any business that fails to collect the old notes would be heavily sanctioned.

He urged Lagosians to lodge a complaint against any commercial bank in the state that fails to accept the old notes.

He said that the Lagos State Government would report such bank to the CBN and shut down the offending branch.

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