Banks in Lagos refuse to pay money to customers.

By Afolabi Oyekunle.

Most banks in Lagos state on Monday locked their premises and refused to pay money to their numerous customers as they said they are waiting further directives from the Central Bank of Nigeria.

It was observed that the banks decided to close their offices while awaiting further directive from the Central Bank of Nigeria following the Supreme Court’s ruling of Friday.

A seven-member panel of the apex court on Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31. It also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

CBN

It was also observed that many customers who were at their banks to make transaction were disappointed as they were denied access.

A representative of one of the banks, said that they decided to close their gates pending directive from the CBN and availability of cash.

“We are waiting further directive from our regulator on the decision of the Supreme Court. We also need cash, either old or new notes to attend to customers.

“One of the major challenges we have faced in recent weeks is that most people have been making withdrawals with little or no deposits. So we need cash from CBN to be able to meet the demand,” he said on condition of anonymity.

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