Banks shut down as new notes scarcity persists insisting on February 10 deadline for old notes

As the Naira scarcity persists in the country, most banks shut their doors against customers in several parts of the country. The few that opened did not help customers with the news they are sticking to the February 10 deadline regarding the old notes. They claim they have not received any directive from CBN to continue receiving old notes. The CBN has reportedly pushed out coins into circulation through banks, starting from this Monday morning. In Lagos one of the fastest growing new generation bank which shut out customers since last week did not open for business. In one that opened the staffers were busy doing nothing but short out customers. 

Curiously some of the banks are now using “Mallams” to carry out foreign exchange deals. Several customer who had remittances in dollars were told that their money will be transferred to these illegal foreign exchange dealers who will now credit such customer with Naira. Some of the customers who opposed the decision and requested that their dollar be paid into their domiciliary account were bluntly refused such request. Point of sale POs operators some part of Lagos now do only transfer of money for those whose transfer through banking app are not going experiencing hitches. The few Point-of-Sale agents with cash charge as much as N5,000 for N20,000. In Bayelsa state capital point of sale having cash to dispense have been making brisk business charging customers N3,000 for withdrawing N10,000 claiming they also pay bank officials to get the new notes. The state commissioner of police, CP Ben Okolo had on Sunday ordered reinforcement of security around banks and Automated Teller Machine (ATM) points in the state following the continued scarcity of the new Naira notes.

He also directed divisional police officers, tactical commanders and other operatives to closely monitor banks and ATM points to forestall any breach of the peace. He said: “The command understands the plight of the masses and we are hopeful that the new measures introduced by the Central Bank of Nigeria will improve the circulation of the currency in the coming days.” The state police boss also warned miscreants to desist from carrying out any unlawful assembly to unleash violence in the state, declaring that “the command will not allow any person(s) or group of persons to truncate the relative peace being enjoyed in the state.” He, however, appealed to members of the public to remain calm and go about their lawful and legitimate businesses, saying, “the command is poised to guarantee public safety and security.”