Why Zenith Bank Shut Down Some Branches Nationwide

Zenith Bank has temporarily shut down some of its branches nationwide over fear of attacks following the crisis that has rocked the country due to the naira scarcity.

Naija News reports that some commercial banks have come under fire following the widespread rancour following the scarcity of the new naira notes.

Videos have emerged on social media showing angry Nigerians destroying facilities at a Lagos branch of Zenith bank in order to gain access for ‘cash withdrawals’.

Some Nigerians alleged to be the bank’s staff members, in a viral video, were seen fleeing through the back fence as customers besieged the gate of one of Zenith’s branches to get cash.

According to TheCable, the bank’s management decided to close branches where the lives of staff members are being threatened by citizens who are seeking to withdraw cash.

The bank shut down a branch in the Fagba area of Lagos after management received information of a possible attack.

Other locations where some branches have shut down in the state include Egbeda, Costain, Awolowo Way, and Ogba, Ikeja.

Another branch in Uyo, the capital of Akwa Ibom state, was also closed.

However, a source debunked claims that Zenith Bank has closed its branches nationwide.

The source said: “That is not true. Branches were closed for security purposes. It is not a nationwide action.

“Wherever we notice that the lives of our staff are being threatened, we closed such branch temporarily.

“Customers can also use the bank app to carry out other forms of transactions.”