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Lagos to Shut Banks Rejecting Old Naira Notes

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Lagos State governor, Babajide Sanwo-Olu, has threatened to shut down banks that refuse to accept old naira notes.

He has also asked Lagos residents to lodge complaints against any bank that refuses to accept deposits of the old notes to the Lagos State Consumer Protection Agency (LASCOPA).

“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,” a statement from the governor read.

“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,” it added.

Governor Sanwo-Olu said the state would also report erring banks to the Central Bank of Nigeria.


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