Zenith Bank shuts down branches over scarcity of new Naira notes (video)

Zenith Bank Plc on Tuesday closed some of its branches across the country due to lack of new naira notes and an attack on its network by desperate Nigerians looking to exchange their old currency for the newly redesigned banknotes.

The Central Bank of Nigeria (CBN) has not been able to supply enough cash for its large customer base, and this has led to disenchantment among some of its customers.

“Many of our branches were attacked by customers who were unable to get the new naira notes on Monday. So the management decided to shut those branches for safety purposes,” a senior official of the bank told one of our correspondents.

The official who do not want to be named said: “Where there are no sufficient new naira notes to be disbursed, we decided to shut down for security reasons.”

He, however, declined to name those branches that were closed as of the time of publication but stated that some branches are still open for business on Tuesday.

On Monday, some branches of the bank in the Lekki/Ajah axis of Lagos State were hurriedly shut following attacks from some desperate customers who were unable to withdraw their money from their accounts.

Some video footage on social media showed how the staff of the bank escaped from the attacked branches by scaling fences to escape the mob.

Most of the branches on Lagos Island, Victoria Island, and in the Mainland were, however, shut as of the time of this report.

Despite the assurance by the CBN Governor Godwin Emefiele, many Nigerians have been unable to access the new naira notes from their banks.

Efforts to reach the spokesperson for Zenith Bank proved futile as calls and messages sent to his mobile number were not responded to.