Onigbanjo Urges Lagosians To Sue Banks Who Refuses To Pay Them, Says ₦500, ₦1000 Still Legal Tender

The Lagos State Attorney-General and Commissioner for Justice, Moyosore Onigbanjo, has urged Lagosians who have been affected by the naira crisis to press charges.

According to him, any bank that refuses to pay its customers cash on demand has violated the terms of the contract.

He said, “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued. I will advise Lagosians who have experienced suffering and injury as a result of the situation to press charges.”

The Lagos AG decried the fact that Nigerians were buying their own currency, while business owners keep losing money due to the CBN policy.

Onigbanjo stated, “Even the producers of goods and services are losing money due to the scarcity of new notes to purchase their products easily.”

Old Naira Notes Remain Legal Tender

Commenting on President Muhammadu Buhari’s national broadcast over the Naira crisis, the commissioner for Justice said, even though the President has enormous powers, had no power to repeal the order of the Supreme Court or any court for that matter.

Buhari had announced in a national broadcast on Thursday, February 16, that only the old ₦200 notes would remain valid until April 10 while the old ₦500 and ₦1000 notes would cease to be legal tender contrary to the ruling of the apex court.

CityNews reports that the Supreme Court had in a ruling granted an interim injunction that the CBN and the FG should suspend the implementation of the February 10 deadline for the expiration of the legal tender status of the old ₦200, ₦500, and ₦1000 notes pending the hearing and determination of a suit before it.

The hearing had been slated for February 22, 2022.

Justice Moyosore added that the position of the Supreme Court on the naira redesign of the Central Bank of Nigeria remains valid, hence the old naira notes remain legal tender.

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