Banks Announce New Closing Hours Amid Fears of Election Violence, Secretly Invite Customers to Come For Cash

• Nigeria banks have asked customers to come for limited cash withdrawal across the counter
• The banks stated that they would serve customers on a first-come, first-served basis
• Also, the banks secretly adjusted closing hours downwards amid uncertainty over presidential election results

Many banks in Nigeria have asked their customers to come for limited cash withdrawals as uncertainty hovers over Nigeria's presidential election.

Many banks that opened on Tuesday, February 28, 2023, said they have limited cash in their vaults for their customers and would ration them on a first-come, first-served basis.

Queues resurface in banks again

Queues resurfaced in some banks on Tuesday, February 28, 2023, as jumpy bank staff scurried to meet deadlines following top management's new directives.

Findings by Legit.ng indicate that most banks either did not open or opener but refused to allow their customers entry into the banking halls.

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Naira scarcity: Banks sources claim no cash has come from CBN in the Last 2 Days

A banker at Ecobank on Lagos Island told Legit.ng that their management has instructed them to close earlier than scheduled.

He said:

"Yesterday (Monday, February 27, 2023), we closed by 3. pm, and today (Tuesday), they asked us to earlier."

According to him, bank staff are doing skeletal services and have denied some customers access to banking halls.

"We've sent messages to some customers informing them of the new adjustment in closing hours," he said.

Nigerians battle acute cash crunch

The recently concluded presidential election in Nigeria has left a lull in the economy as uncertainty pervades over who will become Nigeria's next president following complaints of rigging.

Nigerians have been battling an acute cash shortage since February 10, when the Central Bank of Nigeria declared that N200, N500, and N1,000 are no longer legal tenders.

President Muhammadu Buhari's intervention led to the CBN extending the shelf life of the old N200 note to April 10, 2023.

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Access, Ecobank, Polaris, others adjust closing hours ahead of 2023 general election

Banks invite customers to come for cash as CBN commences reissuing of old N200 notes

Legit.ng reported that more commercial banks had issued messages to their customers asking them to come for withdrawal as the Central Bank of Nigeria confirmed that it has reissued the old N200 notes following directives from President Muhammadu Buhari.

Checks by Legit.ng reveal that most commercial banks in Lagos have opened their doors to customers for over-the-counter withdrawals amid the presidential election on Saturday, February 25, 2023.

Customers formed long queues at most banks visited on Thursday, February 24, 2023.

Source: Legit.ng