Naira Scarcity: Banks ‘Shut Down’ As Cash-Strapped Customers Besiege Premises

Most banks in Lagos state are currently under lock and key as many customers besieged their premises to make withdrawals. Daily Trust has learned.

By Abiodun Alade

Mon, 6 Mar 2023 12:28:43 WAT

Most banks in Lagos state are currently under lock and key as many customers besieged their premises to make withdrawals.

Daily Trust learnt that the banks decided to close their offices while awaiting further directive from the Central Bank of Nigeria following the Supreme Court’s ruling of Friday.

A seven-member panel of the apex court on Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31. It also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

Daily Trust observed that many customers who were at their banks to make transaction this morning were disappointed as they were denied access.

A representative of one of the banks, told Daily Trust that they decided to close their gates pending directive from the CBN and availability of cash.

“We are waiting further directive from our regulator on the decision of the Supreme Court. We also need cash, either old or new notes to attend to customers.

“One of the major challenges we have faced in recent weeks is that most people have been making withdrawals with little or no deposits. So we need cash from CBN to be able to meet the demand,” he said on condition of anonymity.

Another top bank officials confirmed that their staff are inside the banking halls but they are preventing customers from accessing the premises to prevent a break down of law and order.

“We should be able to get clarity from the CBN very soon. We can’t act on our own without the clarification. Don’t forget that the banks were not part of the suit,” he added.

Many Lagosians were seen queuing at the gates of some commercial banks around Ikeja, Alausa, Surulere and environs.