Frantic Nigerians are expressing their frustration after the Government moved to replace high-denomination notes. Video shared on Twitter shows how a naked customer demanded to close his bank account - reportedly valued at 520,000 naira - after employees refused to give him more than 20,000N at the counter. Another man climbed on top of the service counter and stripped after workers apparently fail to provide him with his requested money.
Some firms were forced to close and lock their doors after angry crowds brawled inside. Others even erected tents to protect cash-seeking customers from the sun as they waited in long queues. The chaos comes as Nigeria battles major cash and fuel shortages just three weeks before the presidential election. Candidates have traded accusations of blame over the shortages with the ruling party hopeful even suggesting his enemies had manufactured the crisis to undermine his election chances.
Nigeria's Central Bank announced last October that it would be taking the N200, N500 and N1,000 notes out of circulation beginning in January. The Government intended to replace the banknotes with new designs that it claimed would be more secure. However the replacements were not immediately available and the switch deadline was extended. Citizens are now unable to withdrawal money from their accounts, making it hard for them to participate in the cash-reliant economy.
Japhet Joshua Babatunde, who is a customer at the FirstBank branch in Ikoyi, said his salary was deposited over a week ago and he still cannot access funds. "I'm angry — it's my own money I came to collect, not a loan," he said. Another customer claimed to have visited the bank for five consecutive days but still wasn't able to get any cash.
A security guard at that the Ikoyi FirstBank also revealed that he was ordered to lock customers outside after fights erupted in the bank. The branch did eventually start dispensing cash from its ATM, but limited customers to 10,000 naira.
Across the nation, crowds have been seen jostling outside ATM machines and banks to try and access scarce cash supplies. A leading Nigerian lender told the newspaper that many banks did not receive enough supply of the new banknotes to meet customer demand. The Central Bank has urged citizens to exercise patience as the governmental agency works "assiduously to address the challenge of queues at ATMs." It also reportedly encouraged customers to use cards and electronic payments, but industry executives say those types of payments are failing because of the "volume increases that no one did anything to prepare for."
One of Africa's top oil producers, Nigeria
often struggles with fuel shortages as it imports most of its petrol
and diesel because its refineries are not working. Across the nation, people have been sleeping in cars outside gas stations for a chance to fill their tanks. Earlier
this week, riots broke out in the northern city of Kano, with an angry
mob protesting a visit by outgoing President
Muhammadu Buhari and blaming the ruling APC for the
currency hardship.
Buhari addressed the crisis yesterday, blaming 'inefficient' banks for being 'only concerned about themselves.' He also asked the nation to 'give him seven days to resolve the cash crunch.' It is unclear what steps he plans to take to ease the shortage. Both cash and fuel shortages are stirring up public anger and tension as presidential hopefuls near the end of the campaign trail. Campaign rhetoric has been heating in the run up to the February 25 vote to decide on the successor to Buhari, a former army commander who steps down after two terms in office
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