Naira scarcity: More commercial banks shut down operations in Lagos

Residents of Lagos state have continued to lament the hardship posed by scarcity of Naira notes as more commercial banks shut down operations over fear of possible attacks from angry customers.

Investigation byNational Daily revealed that all branches of Ecobank in Lagos were shut down. At least a visit to three branches of the bank in Ikeja, Ogba and Berger were closed.

A security official in one of the branches told this correspondent that the instruction came from the head office that all the branches should shut down operations.

Some residents, who spoke with Blueprint, described long queues in some of the banks that are open to customers as “sickening and embarrassing”.

One of the residents, Mike Ochonma, who said that the closure of some of the banks may not be unconnected to fear of possible attack by aggrieved Nigerians, however, added that the closure had compounded the agonies of the people.

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Ochonma also added that a few of the banks in operation only dispense a sum of money between N2,000, N5,000, and N10,000 in N50 notes.

Another customer, this time, at the Zenith Bank along Oba Akran road, Lagos, said the bank had shut down operations since Monday. He said even the USSD code of the bank is also not working

He called on the CBN to make new notes available in banks, lamenting that prices of food items had kept increasing while there was no money to buy the items.

Recall that Zenith Bank Plc recently shut down some of its branches in Lagos and other states following attacks from customers over their inability to withdraw funds from the bank’s Automated Teller Machines (ATMs) and other platforms.

The bank has come under criticism from its customers amid the Central Bank of Nigeria’s (CBN) struggle to make the redesigned Naira notes available.

Many branches of the bank across the country are without the new Naira notes, leaving their disappointed customers to gather in groups to discuss the situation.

Meanwhile, following attacks on some commercial bank premises, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has threatened to withdraw its members’ services nationwide.

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It also stated that it would not halt the withdrawal until the attacks on its employees were addressed and security was ensured.

In a statement issued on Wednesday, NUBIFIE’s General Secretary, Mr Mohammed Sheikh, expressed concern about recent attacks on bank employees who were not adequately protected by security agencies.

Sheikh, as a result, urged the Federal Government, the Central Bank of Nigeria (CBN), and other stakeholders to work together to alleviate the hardship caused by the change in cash withdrawal policy.

He also pleaded with Nigerians who were unable to access their bank deposits to bear with the situation.

“We, therefore, call on the Central Bank of Nigeria to review the cash withdrawal policy which has affected the business of over 200,000 Point of Sales businesses in Nigeria,” Sheikh said.

The controversy over the CBN currency exchange deadline, Sanwo-Olu said, has had a dislocation effect on Lagosians, limiting their access to cash for daily transactions and making their means of sustenance difficult.