• Wed. May 31st, 2023

[Naira Scarcity] Bank Officials now Dress Casually to Work

ByJustice Godfrey Okamgba

Feb 10, 2023

The circumstances surrounding the Naira’s scarcity have led some Nigerians to resort to violence in some parts of the country, prompting bankers to dress casually to work.

According to reports, some frustrated Nigerians who were unable to withdraw money broke ATM terminals at several banks. Others forced their way into the banking premises in order to cause havoc.

Bank officials are becoming targets and at the receiving end of the anger of frustrated customers.

Videotapes show that some of the bankers were attacked on their way home from work. Bank employees are concerned about potential social unrest if the situation is not addressed, expediently.

“The scarcity is even affecting us who work in the bank.” “I don’t even have the cash to transport myself home after today’s work,” an Acess Bank official who doesn’t want her name mentioned told TechEconomy on a Friday phone call.

“The social unrest is something that scares us too. We don’t dress corporate to work anymore. We oy wear jeans and polo shirts.”

Naira Deadline Saga

Nigerians are currently in a dilemma over two conflicting orders from the Supreme Court of Nigeria and the Central Bank of Nigeria. The CBN has set the deadline for the submission of the old naira notes for today, February 10, but the Court is saying otherwise.

Two days ago, the apex court restrained the Federal Government from implementing the February 10 deadline, after three northern states—Kaduna, Kogi, and Zamfara—had, in a motion ex-parte filed on February 3rd by their lawyer, Abdul Hakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria’s (CBN) naira redesign policy.

See also  World Bank says Food, Energy crises will Intensify amid Naira Crash

Meanwhile, in another judgment, the Federal Capital Territory (FCT) High Court in Wuse Zone 2, Abuja, directed the CBN to ensure that its 10-day deadline for the validity of old naira notes is met.

Eleojo Enenche, the judge, issued the order on Monday in response to an ex parte application filed by four opposition political parties.

The four parties—Action Alliance (AA), Action Peoples Party (APP), Allied Peoples Movement (APM), and National Rescue Movement (NRM)—claimed in their applications that Nigerian banks were undermining the CBN’s new monetary policy.

At the time of filing this report, Nigerians were still using the old naira notes and felt reluctant to abide by the CBN rules owing to the fact that the new naira note and the old ones were still scarce.




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