Lagos State Governor, Babajide Sanwo-Olu has vowed to punish commercial banks and business owners who refuse to accept old naira notes in the state.
Sanwo-Olu also vowed to shut down erring commercial banks in the state.
The governor urged residents of the state to report to LASCOPA if their old naira notes are rejected in a series of tweets.
The governor bemoaned the hardships the state’s residents are experiencing as a result of the restructured naira.
According to Sanwo-Olu, the old naira notes remain legal tender in the state.
He said: “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.
“We successfully got a Supreme Court verdict which extends the validity of the existing naira notes till Dec 31st, 2023.
“Anyone rejecting these notes will be heavily sanctioned as we kick off monitoring.
“If a bank refuses to accept deposits of old notes, please lodge a complaint with LASCOPA on 08124993895.
“The Lagos State Govt will report the bank to the CBN and immediately shut down the offending branch.”
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