Naira Notes Scarcity: Commercial Banks In Nigeria Shut Branches Over Customer Attacks

Some commercial banks in Nigeria have started shutting their branch over persistent attacks from customers and angry youths.

SaharaReporters on Tuesday reported how angry youths in Abeokuta, Ogun State vandalised one of the branches of First Bank in Ogun state while protesting against the persisting scarcity of Naira notes that forced many businesses across the country to shut down.

This also made the Lagos State Police Command issue a warning that some groups were planning to unleash violence in the state due to the naira scarcity.

As a result of this, some of the banks had started to allow non-essential employees to work from home.

It was gathered that Zenith Bank has shut down some branches in Lagos State over the fear of attacks by angry Nigerians due to the ongoing naira scarcity.

Zenith Bank branches in Ikeja, Ikorodu and Agege were shut on Tuesday while some closed earlier.

Banks have been on the receiving end of Nigerians’ frustration since the naira redesign policy began.

Social media has been flooded with videos of people climbing counters, stripping, and expressing their rage in banking halls.

Nigerians have been having difficulty obtaining the new naira notes as the February 10 deadline approaches.

This was why some banks in the state have been attacked, and protests in states such as Edo and Oyo have devolved into riots.

Banks have recently been the target of violent attacks. When riots erupted over the weekend in Ibadan, a Wema Bank branch was vandalised. Many banks have increased their security and caution as a result of this.

Due to the heightened tensions caused by the country's protracted naira scarcity, some commercial banks on Tuesday ordered the closure of some of their branches until further notice.

It was revealed that some bank branches in certain parts of Lagos with no cash to pay customers were asked to shut down operations.

The directive was intended to prevent potentially violent reactions from disgruntled customers who had already begun to take the law into their own hands in some parts of the country.

A senior Sterling Bank official, who declined to be identified, confirmed to PUNCH that some of the bank's branches in the Lagos neighbourhood of Lekki were closed on Tuesday.

The source said, “They opened but were asked to shut down. All branches without cash were asked to shut down. Non-essential staff have been ordered to resume remote work mode.”

The source further stated that the closure of some of the banks had become necessary due to the untenable attitude of frustrated customers who believe that commercial banks are to blame for the hardship associated with the current naira scarcity.

“Imagine a situation where some customers come to the bank with cane. They say they want to flog the bank staff. Because of certain reports in the media that EFCC have arrested some bank managers for hoarding cash, customers now think banks are the cause of the naira scarcity. This is not true,” the source further stated.

-sahara reporters