BackNigeria demonetisation: Riots erupt amid cash scarcity, citizens strip naked, demand closure of bank accounts | Video
Despite public anger, Nigerian President Muhammadu Buhari, whose tenure ends on May 29, 2023, had made it clear that there was no going back on the policy which was announced on October 26, 2022.
PremiumAmid the deadline for replacing the old banknotes with new designs extended till 20 February in Nigeria, several videos are shared on Twitter on how a naked customer demanded to close his bank account following the employees refused to give him more than 20,000₦ at the counter.
Earlier in October, the Central Bank of Nigeria (CBN) announced that it intends to demonetise the higher denominations of the Naira notes — ₦200, ₦500 and ₦1000. Though the initial date was finalised till 31 January 2023, it was later extended to 20 February 2023, citing unavailability of the new Naira notes.
CBN Governor Godwin Emefiele had said, according to benjamindada.com, that the demonetisation would reduce the significant hoarding of banknotes by members of the public.
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Also, despite public anger, Nigerian President Muhammadu Buhari, whose tenure ends on May 29, 2023, had made it clear that there was no going back on the policy which was announced on October 26, 2022, reported The East African on 11 November 2022.
Coming back to the viral news, apart from the bank customers becoming naked after the bank employees refused to give him more than 20,000₦ at the counter coming into limelight, another man too climbed on top of the service counter and stripped as the staff apparently failed to provide him with his requested money, reported The Dail Mail.
See the images:
Among reports of angry people lined up outside banks and ATMs, there are several reports of rioters attacking the banks and blocking the roads, as Nigeria has been struggling with a shortage in physical cash.
With banks having limited access to cash for withdrawals, and businesses refusing to accept old naira, the situation in the African country seems pretty bad.
Also, the general elections in the country on 25 February is making the situation complicated after ruling president, Muhammadu Buhari announced that he would step down after two terms.
A customer at the FirstBank branch in Ikoyi, Japhet Joshua Babatunde, 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 on 15 February.
On the issue of chaos, confusion and riots like situation in the country, outgoing President Buhari blamed the 'inefficient' banks for being 'only concerned about themselves.'
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