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Operators of the Lagos State-owned transportation services, including the Bus Rapid Transit (BRT) system, are rejecting the old N1,000 and N500 notes despite the threat by the state governor, Babajide Sanwo-Olu, to prosecute those doing so.
The rejection of the old notes by commercial banks in the state has made it difficult for the ticketing company to fully comply with the governor’s directive, Daily Trust on Sunday learnt.
Sanwo-Olu had in a statement on Wednesday warned those rejecting old naira notes to desist or face prosecution.
However, Daily Trust on Sunday observed that those who issued BRT tickets at some of the terminals, including Oshodi, Obalende, Agege and Abule Egba, were rejecting the old notes.
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One of our correspondents who wanted to top up his cowry card at the Obalende terminal was told to provide new notes as the old N500 and N1,000 notes were no longer acceptable.
Our correspondents also met some passengers at Abule Egba and Oshodi terminals lamenting the rejection of the old naira notes.
However, Daily Trust on Sunday gathered that the ticketing company, which is regulated by Lagos Metropolitan Area Transport Authority (LAMATA), has been put in a fix over the order by the governor and the directive by the Central Bank of Nigeria (CBN) to banks not to collect the old notes.
It was learnt that the ticketing company has collected money for tickets running into millions of naira in old N500 and N1,000 notes, which the banks have refused to accept from them as deposits.
In an exclusive interview with Daily Trust on Sunday, the managing director of Primero Transport Services Ltd, operators of the BRT in Lagos, Mr Fola Tinubu, said it was understandable that old notes were rejected.
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