metro
Naira scarcity: More banks close branches in major cities
Relief is far for cash-strapped Nigerians as more banks shut their branches yesterday.
Two Tier-1 banks in Lagos left notes at their banking premises indicating they had server challenges.
Nigerians have for some days been restive due to the Central Bank of Nigeria (CBN) naira redesign policy that has made both the old and new naira notes scarce.
The situation is made worse by severe challenges in carrying out transactions online due to poor connectivity.
In many of the banks’ branches on Victoria Island, Lekki and Folomo axis of Lagos, security men were given clear instructions not to allow any customer demanding cash transactions into the banking halls.
Only customers needing interbank or intra-bank transfers, ATM activation, new account opening, and forex transactions, among others, were allowed into the halls.
READ ALSO:
- You need to join the state’s leadership school to understand governance – Fashola hits Jandor
- Naira swap, fuel scarcity, protests booby trap, MURIC warns
- Breaking: FG Directs universities to shut down for elections
An official of FirstBank Lekki Phase 1 said: “We do not have the cash to pay anyone. We were told not to dispense cash at all. That’s the instruction the bank gave us.”
But the official did not say if it was the CBN or First Bank authorities that gave the instruction
Inside the banking halls, many customers queued to activate their ATM cards and also carry out e-payment transactions.
One of the customers in her early 60s, of the First Bank Lekki Phase 1 branch, who was turned back, said: “We are now prisoners in our own country. I cannot believe that a bank I have been its customer for over 40 years is denying me entry. It is very sad.”
At the Awolowo Road branch of GTBank, Lotus Bank, and Standard Chartered Bank, which had one ATM point dispensing cash, there were over 4,000 customers in line to make cash withdrawals.
A customer, Michael Otu, said he lives at Obalande, but was told that the three banks’ ATMs were dispensing cash.
“I was told by one of my friends that the three banks’ ATMs were dispensing cash. I had to rush to see if I can get cash to settle some obligations,” he said.
Aside from no cash transactions in many of the banks’ branches, several other branches were not open for business.
Fidelity Bank Ibeju-Lekki branch has not opened for the past two days. A customer told The Nation yesterday that she nearly slept there on Wednesday.
“The ATMs are not dispensing cash; the banks are also not open for business. How can I access my funds to meet my obligations to my family?” she asked.
When contacted, the security man at the bank said the branch did not open because of server issues.
The Dopemu Branch of Sterling Bank near Iyana Ipaja was shut to customers, some of who turned up as early as 7am.
READ ALSO:
- Police arrest woman in viral video collecting N1k to give PVCs in Enugu + Video
- FG approves hijab for female students of 112 Unity colleges
- Petrol price hike: Petroleum minister orders NMDPRA to sanction filling stations
The customers, who were given numbers, waited in vain for the ATM to be loaded with cash. As of 2pm when our reporter left the branch, none of the two ATMs was dispensing cash.
Some of the customers, who had already waited for over seven hours despite the scorching sun, said they had no choice and would continue waiting.
The UBA branch on Fatai Atere in Matori, Lagos, though open, did not pay either over the counter or via ATM.
The plight of residents of Ondo State was made worse by the fact that ATMs did not dispense cash.
Although the banks, especially along Oba Adesida Road and at Alagbaka, were shut, many customers waited beyond 6pm in the hope that luck might still smile on them.
One of the customers, who gave his name as Jimoh, said he was at one of the banks as early as 7:30 am.
Jimoh said security personnel informed him that the banks were shut due to fear of attacks.
In Ikare-Akoko, Akoko Northeast Local Government area, the situation was the same.
Ikare-Akoko serves as the commercial nerve of the four local government areas in Akokoland.
Farmers and traders who were in Ikare for banking transactions from distant places like Ikakumo Afin Ipesi Igasi and Eriall were disappointed.
A businessman, Sunday Omogboye, who came from Ikakumo to withdraw money, said many people were suffering in the villages due to a lack of cash.
READ ALSO:
- INEC drags Adeleke, Oyetola to court over Osun tribunal ruling
- Kogi gov wife Rashida arraigned over N3bn money laundering
- Atiku rejects Wike approval of stadium for PDP presidential campaign
The situation was a little different in Abuja where most banks opened their branches to customers. Only Zenith had many branches still locked.
Three things were, however, common among the bank branches: They paid out mostly mutilated old notes in the banking halls and closed before the official time.
When The Nation visited the Wema Bank branch in the Central Business District, a large but orderly crowd was seen making withdrawals of old notes from its ATMs.
In the banking hall, customers were paid N3,000 only over the counter in dirty N50 denominations.
At the Stanbic IBTC branch in the area, the ATMs were down but customers were allowed freely in the banking hall where they had a rare opportunity to withdraw as much as N25,000 in mutilated N50 notes.
At Garki Areas 7 and 8, the banks all had their fair share of crowds at the ATMs while the banking halls had few crowds transacting over the counter.
In Ibadan, Oyo State, banks did not work to their full capacity due to the scarcity of the new naira notes.
At the Sterling Bank branch in Agodi, Ibadan, all customers were allowed into the banking hall where the tellers rationed the amounts paid to them.
But at the Access Bank branch in Bodija, customers that wanted to withdraw were not allowed into the banking ball.
READ ALSO:
- Ajero replaces Nwabba as NLC president
- Supreme Court lacks powers over naira redesign policy, says AGF, seeks suit dismissal
- Obasanjo dismisses speculations about postponing incoming elections
The few ATMs that worked in most parts of the city had hundreds of forlorn-looking customers in queues for hours.
Some of the customers lamented the hardship the scarcity of the naira had caused them.
Abimbola Onalaja said she arrived at the First Bank branch at Agodi, at 6:30 am and left around 4 pm without making a withdrawal through the ATM.
“I got here at 6.30 am, yet, I couldn’t collect a dime. Look at the time now. It’s 4 pm and I’m yet to eat anything.
“The last money on me was what I used to come here, this hardship is getting too much.”
Residents of Osogbo, the Osun State capital, were stranded as banks failed to load their ATMs.
ATM stands at Ogo-Oluwa, Station road, Fakunle, Igbonna, Power Line and Aregbe were deserted as they are not dispensing cash.
Customers who came from distant locations could also not make withdrawals over the counter.
In Owerri, Imo State, many people waited for hours outside the banks’ premises for officials to open the doors to their banking halls.
At Douglas Road, some of them complained that they were “tired of suffering”
One of the customers, Echesona Judex, said: “It is not really a good experience though it made our purchases reduce. We cannot go to the places we want to go or buy food items.”
Another was overheard in front of one of the banks threatening to burn it down if the officials did not allow him into the premises. At Shoprite along Egbu Road, all UBA ATMs did not work.
But Benin, Edo State residents had a breather as the CBN made available new notes to banks to dispense through their counters and ATMs.
Point of Sale (PoS) operators also started reducing their charges and paying new naira.
A customer, Maureen Douglas, was paid N20,000 across the counter.
CBN’s Director of Risk Management from Abuja, Blaise Ijebor, and the Benin office branch Controller, Renner Jumbo, monitored the banks.
The situation was also a bit smooth in parts of Jos, the Plateau State capital, where banks let in customers who were able to make withdrawals.
The Nation
![]()
metro
600 Women, Children, Elderly Abducted in Niger Mosque Attack
metro
Flood Submerges Homes, Destroys Property Worth Millions in Akwa Ibom Communities
metro
Police vow to arrest killers of 10 officers slain in Kebbi gun battle
Police vow to arrest killers of 10 officers slain in Kebbi gun battle
The Nigeria Police Force has intensified efforts to track down the armed criminals responsible for the killing of 10 police officers in Kebbi State, assuring the families of the fallen personnel that the Force will not relent until those behind the attack are brought to justice.
The officers, who were serving with the Special Intervention Squad (SIS) and other tactical formations, were killed on August 10, 2026, during a fierce encounter with suspected bandits along the Rafin Makuku axis of Sakaba Local Government Area of Kebbi State.
According to the police, the confrontation began at about 9:25 a.m. when security operatives intercepted a heavily armed group reportedly moving between Zamfara and Kebbi states.
The encounter developed into a prolonged exchange of gunfire, resulting in the deaths of 10 police officers. Two other officers were injured, while two civilians were also killed during the incident.
The police, however, said the operation inflicted significant casualties on the attackers. According to the Force, 17 suspected bandits were neutralised, while four motorcycles used by the group were destroyed.
The Inspector-General of Police, Olatunji Rilwan Disu, expressed grief over the deaths and described the fallen personnel as officers who paid the ultimate price while performing their constitutional duty of protecting lives and property.
READ ALSO:
- Seven killed, seven injured in Bida-Kutigi road crash
- Kwara Monarch, Baale’s Wife Abducted as Fresh Wave of Kidnappings Hits Communities
- KWAM 1 Breaks Down on Stage in Emotional Tribute to Late Nollywood Icon Ogogo
Disu assured the families and colleagues of the deceased officers that their sacrifice would not be forgotten and pledged that the police would pursue those responsible for the attack.
“We shall not be intimidated, we shall not relent, and we shall not allow the sacrifices of our fallen heroes to be in vain,” the IGP said.
The police leadership also moved to strengthen security operations in the affected communities following the attack. A delegation led by Deputy Inspector-General of Police Umar Shehu Nadada visited Kebbi State to engage the state government and assess measures required to prevent further attacks.
During the visit, Kebbi State Governor Nasir Idris expressed condolences over the death of the officers and pledged government support for their families.
The governor also reaffirmed the state’s commitment to supporting security agencies in their efforts to protect communities and counter banditry and other violent crimes.
The police delegation assured the state government that operations would be intensified to identify, track and apprehend members of the criminal group responsible for the attack.
As part of efforts to improve security in the state, the police also announced plans to establish a police squadron in Kebbi. The proposed formation is expected to increase police presence and strengthen the Force’s capacity to respond to security threats, particularly in vulnerable areas.
The deadly confrontation has once again highlighted the security challenges along the Kebbi-Zamfara axis, where armed groups have continued to exploit remote communities and difficult terrain.
The police have vowed to sustain operations in the affected area and prevent the attackers from regrouping after the encounter.
The Force also stressed the importance of cooperation between security agencies, state governments and local communities, particularly through timely intelligence sharing that could help security personnel detect and disrupt criminal activities.
For the families of the 10 officers killed in the line of duty, the incident represents a devastating loss. For the Police Force, the deaths have reinforced its determination to confront armed criminal groups and protect communities across the country.
The IGP maintained that the police would continue to pursue the perpetrators and ensure that those responsible for attacks on security personnel and civilians are brought to justice.
Police vow to arrest killers of 10 officers slain in Kebbi gun battle
![]()
-
metro1 day agoLagos Police arrest five suspected telecom vandals, recover truckload of iron rods
-
Politics1 day agoOpposition Unity Cracks as Atiku, Obi, Kwankwaso Diverge on 2027 Strategy Against Tinubu
-
Entertainment3 days ago“We Don’t Want to See You in Edo Again” — Gov Okpebholo’s Aide Declares War on Davido
-
metro1 day agoLagos Moves to Tackle Housing Deficit, Inaugurates 2026 World Habitat Day Committee
-
metro3 days agoJust In: FG Announces Public Holiday – Here’s When Nigerians Will Get Break
-
Politics3 days ago2027: Wike Declares Adeleke Belongs to Tinubu Camp, Predicts ‘Largest Rainbow Coalition’
-
Entertainment20 hours agoVeteran Nollywood Actor Taiwo Hassan ‘Ogogo’ Dies at 66 After Cancer Battle
-
metro3 days agoTinubu FBI records: Agency seeks secret court filing over safety, investigative methods
