Why Lagos Banks Will Be Sanctioned- Gov. Sanwo-Olu

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Lagos State Governor, Babajide Sanwo-Olu, on Monday has vowed to sanction any commercial banks and business owners who refuse to accept the old naira notes in the state.

Governor Sanwo-Olu stated recently that there is no reason to reject the old notes, going by the Supreme Court judgement delivered on March 3, 2023.

The apex court declared that “no reasonable notice was given as required by Section 20(3) of the CBN Act,” noting that the public only became aware of the policy through press remarks, which cannot qualify as a notice to the public.


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