Gov Sanwo-Olu Unveils Punishment For Lagos Banks Rejecting Old N500, N1000


Lagos State Governor, Babajide Sanwo-Olu has disclosed that commercial banks and business owners who refuse to accept the old naira notes in the state would be sanctioned.

Sanwo-Olu also vowed to shut down erring commercial banks in the state.

In a series of tweets, the governor urged people of the state to lay their complaints to LASCOPA if their old naira notes are rejected.


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The governor lamented the difficulties that people of the state are passing through over the redesigned 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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