Thursday, March 16, 2023

Cash crunch: Banks ‘shut down’ in Lagos awaiting CBN directives on old Naira notes

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Rayyan Alhassan
Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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tiamin rice

Most deposit money banks in Lagos State are under lock and key, awaiting further directive from the Central Bank of Nigeria, CBN.

Recall that a seven-member panel of the apex court had on Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31.

Following the Supreme Court’s ruling of Friday, many customers besieged the banks’ premises to make withdrawals.

But a report by the Daily Trust report observed that many customers who were at their banks to make transactions this morning were disappointed as they were denied access.

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

A representative of one of the banks told the newspaper 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 ned 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 official confirmed that their staff are inside the banking halls but they are preventing customers from accessing the premises to prevent a breakdown 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.

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