The ongoing naira scarcity has forced more banks to shut down their branches, according to recent findings. Large queues persisted at the Automated Teller Machines (ATMs) of many commercial banks in Lagos, Ogun, Abuja and other parts of the country on Wednesday. As the February 10 deadline for the old N1000, N500 and N200 notes to cease being legal tender approaches, Nigerians are growing increasingly frustrated by their inability to access cash for routine transactions. This frustration has sparked protests and attacks on banks, which the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has condemned. The unrest comes amid a Supreme Court injunction ordering the Central Bank of Nigeria (CBN) not to enforce the February 10 deadline.
**Lagos**
Several commercial‑bank branches in Lagos joined the growing list of outlets that halted operations on Wednesday. At Fidelity Bank on Isaac John Street, Ikeja, the branch remained open but customers were barred from entering and the ATMs were non‑functional. First Bank on the same street was also closed, with all its ATMs out of service. Zenith Bank at Ajisafe Street, GRA, Ikeja reported a total shutdown, and none of its ATMs worked. Access Bank on Abule Onigbajo Street was not operating, and customers were prevented from entering. A Guaranty Trust Bank customer, Anthony Ifeanyi, said he was stranded in the Anthony area after a failed withdrawal attempt. At the Guaranty Trust Bank and EcoBank campuses of the University of Lagos, our correspondent observed long queues of students at both the ATMs and inside the banks, while bank officials admitted they were still waiting for cash. One official remarked, “We have no cash yet.”
**Ogun**
All bank branches in the Redemption Camp and Mowe axis were shut down, a day after several branches of GTBank, Unity Bank, Access Bank, Zenith Bank, Ecobank, UBA, FCMB and others closed on Tuesday. In Ogun State, two banks along the Alagbole‑Akute road were also non‑operational. At First City Monument Bank, the security guard explained the closure as “the issue on the ground.” A small crowd of weary customers waited on stone slabs, hoping the ATMs would soon dispense cash. One customer, Jane‑Frances, said she and other commuters had been waiting for over two hours, noting that none of the ATMs on that road were dispensing cash and some banks had not opened at all. At First Bank on the same road, the banking hall was open but no cash‑related services were provided because the staff had no cash on hand. Sterling Bank reportedly closed some branches after viral reports that the Independent Corrupt Practices Commission had discovered N258 million inside its regional headquarters in Abuja. Sterling Bank later denied any wrongdoing in a statement posted on its social media on Wednesday.
**Abuja**
Long queues formed at ATMs and banking halls across the capital as customers and Point‑of‑Sale (PoS) operators endured the heat to conduct transactions. In Wuse 2, United Bank of Africa, Providus Bank and Standard Chartered Bank operated, but only Providus and Standard Chartered allowed a maximum over‑the‑counter (OTC) withdrawal of N10,000. Zenith Bank’s Wuse market branch was shut after angry Nigerians attacked it on Monday. Access Bank and Wema Bank in the same area paid N20,000 in N50 notes to customers. At Guaranty Trust Bank in the Central Business Area and Wuse 2, large crowds gathered at the ATM, yet the bank did not dispense new notes OTC. United Bank of Africa also experienced heavy ATM queues.
Several PoS agents reported a shortage of cash on Wednesday. One operator, Mercy, said she could obtain new notes only at a high rate. Another, Bisi, was completely out of cash and unable to process transactions. Operators in the Lotto‑Mowe axis said they had to source cash from market women. One unnamed operator charged N700 for N5,000 and lamented the lack of cash because all nearby banks were closed. On Idimu Road, Lagos, an operator known as “Mummy Ire” said she had no cash because Access Bank on Ikotun Road was neither dispensing cash at the counter nor through its ATMs.
In an exclusive interview, Victor Olojo, National President of the Association of Mobile Money and Bank, described the difficulties faced by agents, who must travel long distances to obtain funds as banks refuse to supply them. He argued that the CBN’s deadline is unrealistic, noting that “the entire old notes cannot be mopped out by February 10, and this will trigger many problems.” Olojo called for an assessment by the deadline and urged the CBN to strengthen alternative channels and enforce stricter OTC cash‑payment measures.
**Bank workers threatened**
NUBIFIE has threatened to withdraw its members’ services nationwide following attacks on commercial banks. The union said it would not cease its strike until the attacks on its workers are addressed and security is ensured. General Secretary Mohammed Sheikh expressed dismay over the lack of protection for bank staff and blamed security agencies for inadequate safeguards. He appealed to the federal government, the CBN and other stakeholders to alleviate the hardship caused by the new cash‑withdrawal policy and urged Nigerians to be patient while their deposited funds remain inaccessible. Sheikh called on the CBN to review the policy, which has affected over 200,000 PoS businesses.
**CPPE reaction**
The Centre for the Promotion of Private Enterprise (CPPE) defended the N2.6 trillion of currency in circulation, stating it is not excessive for an economy with a GDP of about N250 trillion. CEO Dr. Muda Yusuf, commenting on the Supreme Court’s restraining order on the currency‑swap timeline, warned that arbitrarily cutting the money supply would create a crisis. He said denying citizens access to their cash could undermine confidence in the banking system and jeopardize the CBN’s financial‑inclusion objectives.
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