Naira Scarcity: Banks ‘Shut Down’, Awaiting CBN’s Directive

The challenges faced by Nigerians due to the naira scarcity have seen some banks in Lagos State shut down as customers besieged their premises to make withdrawals.

According to Daily Trust, the banks decided to put a hold on their activities while awaiting further directives from the Central Bank of Nigeria (CBN)

This is coming after a seven-member panel of the Supreme Court on Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31.

The apex in its ruling also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

The platform claimed that many customers who were at their banks on Monday were denied access.

A representative of one of the banks who spoke with Daily Trust said their gates were closed pending a directive from the CBN and the availability of cash.

Speaking on condition of anonymity, he said, “We are waiting for 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.”

Another top bank official said their staff are inside the bank, but they are preventing customers from accessing the premises to prevent a breakdown of law and order.

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