- Governor of Lagos state, Babajide Sanwo-Olu, who is seeking a second term in office, has issued a stern warning to banks and commercial businesses in the state
- The governor, on Monday, March 13, approved the closure of any bank, business or commercial outlet that fails to accept or transact with the old naira notes
- Governor Sanwo-Olu urged residents to report to the nearest Lagos State Consumer Protection Agency (LASCOPA) if they encounter any difficulty
Lagos, Ikeja - Amid the ongoing disparities over the circulation and usage of the old N200, N500 and N100 notes, Governor Babajide Sanwo-Olu of Lagos state has issued a directive to close businesses and outlets that refuse to transact with the old currency.
Recall that in a recent proceeding, the Supreme Court ruled that the old currency would remain legal for business and transactions until December 31.
Given this ruling, Governor Sanw-Olu, who is seeking a second term in office, has urged residents to go ahead and use the old naira notes for their daily transactions as ordered by the apex court.
According to Leadership newspaper, Governor Sanwo-Olu's directives were issued via a letter addressed to Lagos residents on Monday, March 13.
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“My dear Lagosians, I have noted the difficulties you have been having over the naira redesign crisis. I feel your pain.
“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.”
As reported by the Guardian newspaper, residents have been told to contact the Lagos State Consumer Protection Agency (LASCOPA) if any bank or commercial outlet refuses to collect or make payments with the old naira notes.
As contained in the letter, Sanwo-Olu promised that the Lagos state government would heavily sanction such financial or commercial institutions according to the statutory provisions of the law.
Sanwo-Olu's Re-election Bid Boosted as Deputy Gov Candidate of SDP Joins APC
Meanwhile, ahead of the March 18 governorship election in Lagos, Governor Babajide Sanwo-Olu is getting a lot of support.
This is as the deputy governorship candidate of the Social Democratic Party (SDP), Abeni Animasahun, has joined Sanwo-Olu's campaign train.
The southwest politician who pledged full support for the governor on Wednesday has defected to the APC with her supporters.