Cash Crunch: Banks ‘Shut Down’ In Lagos Awaiting CBN Directives On Old Naira Notes

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Most deposit money banks in Lagos State are under lock and key, awaiting further directive from the Central Bank of Nigeria, CBN.

Recall that a seven-member panel of the apex court had on Friday held that the old N200, N500 and N1000 notes remain legal tender until December 31.

Following the Supreme Court’s ruling of Friday, many customers besieged the banks’ premises to make withdrawals.

But a report by the Daily Trust report observed that many customers who were at their banks to make transactions this morning were disappointed as they were denied access.

Many residents of the state were seen queuing at the gates of some commercial banks around Ikeja, Alausa, Surulere and environs.

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