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Desperate Nigerians are stripping naked in protest as banks are running out of cash after the Government moved to replace high-denomination notes.
Video shared on Twitter shows how a naked customer demanded to close his bank account – reportedly valued at 520,000 naira – after employees refused to give him more than 20,000N at the counter.
Another man climbed on top of the service counter and stripped after workers apparently fail to provide him with his requested money.
Some firms were forced to close and lock their doors after angry crowds brawled inside. Others even erected tents to protect cash-seeking customers from the sun as they waited in long queues.
The chaos comes as Nigeria battles major cash and fuel shortages just three weeks before the presidential election. Candidates have traded accusations of blame over the shortages with the ruling party hopeful even suggesting his enemies had manufactured the crisis to undermine his election chances.
Video shared on Twitter shows how a naked customer demanded to close his bank account – reportedly valued at 520,000 naira – after employees refused to give him more than 20,000N at the counter
Some Nigerian banks were forced to close and lock their doors after crowds of angry customers brawled inside (pictured)
Nigeria’s Central Bank announced last October that it would be taking the N200, N500 and N1,000 notes out of circulation on January firm.
The Government intended to replace the banknotes with new designs that it claimed would be ‘more secure.’ However the replacements were not immediately available and the switch deadline was extended to next Friday.
Citizens are now unable to withdrawal money from their accounts, making it hard for them to participate in the cash-reliant economy.
Japhet Joshua Babatunde, who is a customer at the FirstBank branch in Ikoyi, said his salary was deposited over a week ago and he still cannot access funds.
‘I’m angry — it’s my own money I came to collect, not a loan,’ he told The Financial Times yesterday.
Another customer claimed to have visited the bank for five consecutive days but still wasn’t able to get any cash.
A security guard at that the Ikoyi FirstBank also revealed that he was ordered to lock customers outside after fights erupted in the bank.
The branch did eventually start dispensing cash from its ATM, but limited customers to 10,000 naira.
Video shared on Twitter shows how a customer at one bank climbed on top of the service counter and stripped down to his underwear after employees apparently fail to provide him with his requested money
Another customer went into a bank in his underwear after 15,000N allegedly vanished from his account
Across the nation, crowds have been seen jostling outside ATM machines and banks to try and access scarce cash supplies. People are pictured queueing outside a bank in Lagos on Wednesday
Across the nation, crowds have been seen jostling outside ATM machines and banks to try and access scarce cash supplies.
A leading Nigerian lender told the newspaper that many banks did not receive enough supply of the new banknotes to meet customer demand.
The Central Bank has urged citizens ‘to exercise patience’ as the governmental agency works ‘assiduously to address the challenge of queues at ATMs.’
It also reportedly encouraged customers to use cards and electronic payments, but industry executives say those types of payments are failing because of the ‘volume increases that no one did anything to prepare for.’
Outgoing President Muhammadu Buhari addressed the crisis yesterday, blaming ‘inefficient’ banks for being ‘only concerned about themselves.’
He also asked the nation to ‘give him seven days to resolve the cash crunch.’ It is unclear what steps he plans to take to ease the shortage.
MailOnline has approached Mr Buhari’s office, the Central Bank and FirstBank for comment.
Both cash and fuel shortages are stirring up public anger and tension as presidential hopefuls near the end of the campaign trail.
Campaign rhetoric has been heating in the run up to the February 25 vote to decide on the successor to Mr Buhari, a former army commander who steps down after two terms in office.
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Video shows a long queue at a bank in Nigeria earlier this week as customers try to access cash
The election appears close with three leading candidates: Bola Tinubu of the ruling party All Progressives Congress (APC), main opposition party Peoples Democratic Party’s (PDP) Atiku Abubakar and Labour party hopeful Peter Obi.
Already grappling with widespread insecurity and economic fallout from the Ukraine war, Nigerians are also dealing with fuel shortages and limited access to cash due to a programme to exchange old bank notes for new ones.
Outgoing President Muhammadu Buhari (pictured in Lagos, Nigeria last month) addressed the crisis yesterday, blaming ‘inefficient’ banks for being ‘only concerned about themselves’
One of Africa’s top oil producers, Nigeria often struggles with fuel shortages as it imports most of its petrol and diesel because its refineries are not working.
Across the nation, people have been sleeping in cars outside petrol stations for a chance to fill their tanks.
Earlier this week, riots broke out in the northern city of Kano, with an angry mob protesting a visit by Mr Buhari and blaming the ruling APC for the currency hardship.
Mr Tinubu, a former Lagos governor, has lashed out at enemies for purposefully creating the crisis to derail his own election.
‘They are trying to cause trouble and sabotage us,’ he told supporters at a rally in Abeokuta last week.
‘Whether there is fuel or not… we will vote and win.’
But powerful APC governor for Kaduna State, Nasir El-Rufai, stirred up tensions further this week with a claim ‘saboteurs’ in the presidential villa were trying to undermine Tinubu.
‘We are convinced there are some elements in the villa that want the APC to lose the election,’ Mr El-Rufai told Arise News. ‘There appears to be very strong evidence of a conspiracy to incite voters against the APC.’
Nigeria often struggles with fuel shortages as it imports most of its petrol and diesel because its refineries are not working. Pictured: People wait to fill their plastic containers outside of a fuel station along a road in the Yaba district of Lagos on Monday
Across the nation, people have been sleeping in cars outside petrol stations for a chance to fill their tanks. Pictured: Vehicles queue outside a fuel station along a road in the Yaba district of Lagos on Monday
Mr Tinubu – known as the ‘Godfather of Lagos’ for his political influence – was instrumental in getting Buhari elected in 2015 and re-elected in 2019.
But he has rattled APC ranks with his claim ‘It’s my turn’ for the presidency.
Information Minister Lai Mohammed told reporters he was unaware of anyone in the presidency working against Mr Tinubu and said Mr Buhari just wanted a free, fair and credible contest.
But PDP candidate Mr Abubakar’s campaign was quick to point to Mr Tinubu trying to distance himself from the Buhari government’s record over eight years.
‘Tinubu ought to know that Nigerians can see through his antics and beguilements and that his diversionary theatrics on fuel and new naira notes cannot sway Nigerians at this moment,’ PDP spokesman Kola Ologbondiyan said in a statement on Twitter.
The central bank on Thursday authorised banks to start distributing new naira currency notes in a bid to ease the cash shortages. A person is pictured holding a new 1,000N note
Since emerging from military rule in 1999, Nigeria’s elections have often been marred by logistical problems, violence and claims of fraud.
The Independent National Electoral Commission or INEC this week said it was concerned fuel shortages may also disrupt its organisation of the ballot.
The central bank on Thursday authorised banks to start distributing new naira currency notes in a bid to ease the cash shortages.
First elected in 2015, Buhari promised to end a long war against jihadists in the northeast.
But although Islamist militants have been driven out of swaths of territory they had controlled, the war is grinding on in the northeast. More than two million people have been displaced.
Insecurity has also spread. Criminal militias in the northwest and central regions often carry out mass kidnappings and looting raids on villages.
