Banks targeted as fresh riots erupt in Lagos, Rivers, Ogun

•Stop work if your life’s in danger, ASSBIFI tells bank staff

•CBN denies directing banks to collect old N500, N1000 notes

BY STEPHEN GBADAMOSI and TEMITOPE ADEBAYO

There were fresh riots in some parts of Lagos, Oyo, Ogun and Rivers on Friday, with an unspecified number of casualties recorded, as angry youths protested the scarcity of new Naira notes, which has made life somewhat unbearable for Nigerians in the past couple of days.

Daily Times noticed that the coordinated protests were all geared towards attacking banks located in the affected states.

In Rivers State, where some casualties were recorded, two financial institutions were torched, while in the Epe area of Lagos, one financial institution was almost burnt before security agencies were deployed to cordon off the location as the police brought the situation under control.

At Ibadan, Oyo State, the Iwo Road area had angry youths mounting blockages on the roads. There were viral videos that showed youths hauling stones at police vehicles under the Iwo Road Bridge, while the police fired what sounded like teargas canisters at them in a bid to escape through the Ibadan – Lagos Expressway.

Earlier in the morning, there were also reports of riots on Ikorodu Road in Lagos, as youths allegedly engaged policemen at Mile 12, Ketu and Ojota areas. Gunfire was also reported, as a video seen online showed commuters scampering for safety after shots were fired.

Some residents confirmed that scarcity of the new naira notes and its attendant economic hardship was the major cause of the riots across the states on Friday.

Reports also had it that many Ibadan-bound travelers were stranded at the Berger end of the Lagos – Ibadan expressway, as protesters took to the road. However, the development was brought under control as the authorities deployed security agencies to occupy most of the troubled spots.

The recent attacks which seem to be putting bank staffers at harm’s way is however not going down well with their sector as the various unions in the banking industry have warned their members to shun work, if their lives are threatened in the unfolding chaos.

Meanwhile succour which was expected with Thursday’s national broadcast by President Buhari seemed elusive as some Nigerians were confused on the state of things as regards which denominations were still legal or otherwise. The widespread rumours that banks were receiving the old notes which brought respite soon died down when the Central Bank debunked the development.

The Central Bank said it did not direct banks to collect old N500 and N1,000 notes from members of the public. The apex bank in a statement issued in Abuja said “the attention of the Central Bank of Nigeria has been drawn to some fake and unauthorised messages quoting the CBN as having authorised the Deposit Money Banks to collect the old N500 and N1,000 Banknotes.

For the avoidance of doubt, and in line with Mr President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and recirculate the old N200 banknotes and this is expected to circulate as legal tender for 60 days up to April 10, 2023.

Members of the public should therefore disregard any message and/or information not formally released by the Central Bank of Nigeria on this subject.

But UBA in an e-mail message to customers at 5 PM Friday said “we have not stopped collecting old N500, N1,000.

Here’s how to deposit old notes: Log on to crs.cbn.gov.ng to register on the CBN portal, visit any UBA branch with the following: the cash you wish to deposit, the reference number generated from the CBN portal, your BVN; Please note that the maximum deposit value is #500,000 per customer.

“Our branches continue to remain open for cash deposits on Saturdays alongside our 24/7 digital banking channels; Leo, UBA Mobile App, Internet Banking and *919#. For enquires please call our 24hr Customer Fulfilment Centre on 07002255822 or email us at cfc@ubagroup.com Thank you for banking with us”, it stated.

Some news outlet had reported that “Nigerians can now take their old N500 and N1000 notes to commercial banks as the Central Bank of Nigeria (CBN) reportedly asked all banks to start collecting the old notes from their customers.

Although the CBN insisted that the old notes are no longer legal tender, it ordered banks not to collect more than N500,000 from their customers.

A source who earlier spoke on the development had said the CBN directed the banks to collect the monies following the difficulties people went through to deposit their old notes at the CBN branches.

The source said, “Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”

It would be recalled that President Muhammadu Buhari’s in his nationwide address on the Naira crisis on Thursday, February 16, 2023, the Governor of the Central Bank of Nigeria, Godwin Emefiele directed banks executives to make the old N200 banknotes available.

In his broadcast, Buhari extended the validity of the old N200 banknote by 60 days, while affirming the February 10 deadline for the expiration of N500 and N1000 banknotes as legal tender.

Despite the Nigerians’ criticisms against the CBN’s controversial cashless policy, Emefiele urged them to allow the policy to work, saying he believes it would bring advancement to the nation’s economy.

He assured that the CBN would continue working to ease the sufferings Nigerians are going through as a result of the cash crunch.