As the Central Bank of Nigeria (CBN) deadline for the old Naira notes of N200, N500 and N1,000 to cease from being legal tender ends today, Friday, 10 February 2023, some banks shut down in Ibadan and other parts of the country according to findings by Newsbreakers.

Newsbreakers observed that banks locked their gates on Friday and refused to attend to customers, leaving some of their customers frustrated and dejected at the Automated Teller Machines (ATM) and their gates along UI-Ojoo road, Ibadan.

 This has led many Nigerians to patronize the services of Point of Sales (PoS) operators, which cost more.  A PoS agent said they now collect N1,000 as charges on the withdrawal of N5,000 and N2,000 as charges on N10,000, depending on the amount requested. This makes it difficult for people to access cash for regular use.

 Further investigations by Newsbreakers revealed that PoS agents said that they could not withdraw cash from their banks, so they too have resorted to buying cash from petrol attendants at filling stations, and thus the increase in charges. 

 Newsbreakers observed that Guaranty Trust Bank (GTB) along UI road locked its gates and denied   customers access to the bank premises.

Similarly, First City Monument Bank (FCMB), beside GTB, along UI road, was shut down. Our correspondent reported that none of the ATMs was working during a visit on Friday afternoon.

Our correspondent reported a total shutdown of operations at the Stanbic IBTC, located by UI 2nd Gate, Ibadan. No customer was able to gain access to the premises in the morning of Friday.

It was the same story at First Bank branch and Polaris bank branch located beside UI. The banks were not operating, and customers were barred from entering the premises.

The reasons for the failure of cash withdrawal in banks and at ATMs are not yet clear to Nigerians as it continue to affect their wellbeing. There is high expectation from the CBN, and the Federal Government as Nigerians look for the way forward.

Newsbreakers had earlier reported that[ez-toc] on Friday, 10 February, 2023, the Supreme Court in its filling on Wednesday suspended the February 10 deadline on the old Naira notes, thereby restraining the CBN from implementing the deadline. However, the Council of State, at its meeting on Friday declared its support for the naira redesign policy of the federal government but charged the Central Bank to restrategize and ensure that the new naira notes are circulated to every part of the country.

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