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Naira Swap: Banks Shut Doors To Customers For Fear Of Being Mobbed


Information gathered by Naija News reveals that some banks in the nation’s commercial capital of Lagos State have shut their doors to customers for fear of being nabbed.

It was learnt that on Tuesday morning desperate customers seeking payment following the Central Bank of Nigeria(CBN) cash swap policy were not allowed access to bank premises in some parts of Lagos.

It was gathered that as early as 9 am, some banks within the metropolis had closed their doors to customers who couldn’t carry out transactions early.

This platform understands that angry customers gathered in front of two new-generation banks at Obanikoro whose doors were locked.

However, CBN and other relevant stakeholders have continued to accuse commercial banks of hoarding the new naira notes.

This a development that commercial banks have denied, even though reports have it that the Economic and Financial Crimes Commission (EFCC) caught a bank manager in Abuja for refusing to load its ATM with N29 million new notes on Monday.

Meanwhile, Naija News learnt that some of the banks who have shut their doors for operation have claimed that they do so to keep safe from angry customers, as well as prevent attacks on assets.

A manager of a Tier-1 bank identified as Bello Muyiwa told Daily Post that due to fear of mob action from customers, “we’ve decided to shut all operations except ATM services for the time being.”

However, in the midst of the cash crunch, the Federal Capital Territory (FCT) High Court, has stopped the CBN from suspending or extending the February 10 deadline for the phase-out of the old naira notes.

Naija News reports that the presiding judge, Justice Eneojo Eneche, gave the ruling on Monday in a motion by five political parties.

Justice Eneche also stopped President Muhammadu Buhari and 27 commercial banks from interfering with the deadline or issuing any directive contrary to the said date.

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The judge also granted an order directing the Chief Executive Officers (CEOS) of the banks, to show cause why they should not be arrested and prosecuted for the financial sabotage of the country, by illegally hoarding and not disbursing the new N200, N500, and N1000 bank notes, despite the supply of such notes by the apex bank.