Naira Crisis: Angry Nigerians Destroy Banks In Ogun state

Top Naija reports  that some customers have resorted to mob action, attacking banks, bankers, and even torching Automated Teller Machines and other facilities.

This has resulted in the destruction of bank branches, such as in the recent incident in Sagamu, Ogun State, where two deposit money banks were destroyed, leading to the closure of other banks in the town.

The police have been urged to take action and ensure the arrest and prosecution of those responsible for such attacks nationwide. It is important that banks and their personnel are protected from further harm.

The crisis was caused by the Central Bank of Nigeria’s decision, backed by the President, to replace the N1,000, N500, and N200 banknotes with redesigned ones under a tight deadline. However, it has become clear that the CBN lacks the capacity to print enough new banknotes and make them available to the public in the given time frame.

This has resulted in more hunger and the collapse of businesses and livelihoods as Nigerians struggle to obtain the new banknotes, while the old ones have ceased to be legal tender. Frustrated crowds have been gathering at banks, leading to some branches temporarily shutting down and ATMs and electronic banking channels becoming overwhelmed.

The protests have unfortunately been hijacked by hoodlums, thugs, and drug users, leading to incidents of mob justice. It is important that the state commissioners of police take extra measures to prevent attacks on banks, their personnel, and facilities. The Inspector-General of Police should give strict orders to secure banks at all levels.

While the anger among Nigerians is understandable, resorting to mob justice is not the solution. It is essential that the police track down, arrest, and prosecute all those attacking banks and their staff across the country.

The situation is particularly dire in a country where 133 million persons, representing over 60 percent of the population, are already adjudged “multidimensionally poor,” and unemployment, inflation, and hunger are at record levels. It is important that the government takes swift action to address these issues and prevent further unrest.