As the naira scarcity persists, more banks have started shutting down their branches, according to findings by The PUNCH.

The PUNCH observed large queues still existed at the Automated Teller Machines of many commercial banks in Lagos, Ogun and Abuja and other parts of the country on Wednesday.

As the February 10 deadline for old N1000, N500 and N200 notes to stop being legal tender approaches, more Nigerians are getting frustrated due to the inability to access cash for their regular transactions.

This has further led to protests and attacks on banks, which have been condemned by the National Union of Banks, Insurance and Financial Institutions Employees.

This came amid a Supreme Court injunction asking the Central Bank of Nigeria not to implement the February 10 deadline.

Lagos

More commercial banks’ branches in Lagos have joined the long list of banks that shut down operations on Wednesday following the scarcity of new and old notes in the country.

According to the findings by The PUNCH, the Fidelity Bank on Isaac John Street, Ikeja, was opened but customers were prevented from entering. The ATMs on the bank premises did not work when our correspondent visited.

Similarly, the First Bank on Isaac John Street, Ikeja, Lagos, was shut down. Our correspondent reported that none of the ATMs was working during a visit on Wednesday afternoon.

Our correspondent reported a total shutdown of operations at the Zenith Bank located at Ajisafe Street, GRA, Ikeja. All the ATMs of the lending bank did not work.

Also, the Access Bank at Abule Onigbajo Street, Lagos, was not operating while customers were barred from entering the lender.

A customer with Guaranty Trust Bank, Mr Anthony Ifeanyi, said he was stranded at the Anthony area of Lagos when he tried making a withdrawal from the bank there on Wednesday.

Upon visiting the Guaranty Trust Bank and EcoBank at the University of Lagos, our correspondent observed a long queue of several students both at the ATM machines and inside the bank awaiting the dispensation of naira notes.

Getting inside the banking halls, the bank officials noted that they were still waiting for cash as well.

One of the officials said, “We have not cash yet.”

Ogun banks
Our correspondent observed that all bank branches in the Redemption Camp and Mowe axis were shut down.

This came a day after several branches of GTBank, Unity Bank, Access Bank, Zenith Bank, Ecobank, UBA, FCMB and others were shut on Tuesday.

In Ogun State, our correspondent visited two banks along the Alagbole-Akute axis.

At the First City Monument Bank along the Alagbole-Akute road, our correspondent observed that the bank did not open for business.

When our correspondent inquired from the security guard why the bank did not open during conventional working hours, the security guard said the closure was as a result of “the issue on the ground.”

Outside the bank, a small crowd of weary customers sat on stone slabs, ostensibly waiting for the ATMs to start dispensing cash.

A customer, who identified herself as Jane-Frances told our correspondent that she and other commuters had been waiting outside the bank for over two hours.

She said, “The security told us they would load the machine soon, but we have been waiting for more than two hours. I’ve visited all the banks on this road, and none of the ATMs is dispensing cash. Some of them didn’t even open today.”

Our correspondent then proceeded to First Bank, still along the Alagbole-Akute road, where he met another crowd of commuters expressing their frustration with regard to their inability to withdraw cash from the bank’s ATMs.

However, despite opening the banking hall to customers, the bank did not attend to any cash-related requests over the counter as the bank’s personnel disclosed to our correspondent that it did not have any cash.

Elsewhere, it was also gathered that Sterling Bank some of its branches following viral reports that the Independent Corrupt Practices Commission had on Tuesday discovered the sum of N258m inside the bank’s regional headquarters in Abuja.

However, in a rebuttal published on the bank’s social media handles on Wednesday, Sterling Bank denied any wrongdoing in the debacle that led to the arrest of its branch managers.

Abuja banks
Long queues were seen at ATM stands and banking halls in the capital city as customers, PoS operators endured the hot weather in order to perform financial transactions.

At banks located in Wuse 2 which include United Bank of Africa, Providus Bank and Standard Chartered Bank, only customers at Providus and Standard Chartered Bank were allowed to make a maximum withdrawal of N10,000 OTC.

At banks located in Wuse 2 which include United Bank of Africa, Providus Bank and Standard Chartered Bank, only customers at Providus and Standard Chartered Bank were allowed to make a maximum withdrawal of N10,000 OTC.

Credit: Punch