Protests Erupt In Abuja Over ‘Hoarding’ Of New Naira Notes By Banks [PHOTO]

• Massive protests have erupted in Abuja over the alleged ‘hoarding’ of the new naira notes by commercial banks.

• The NBA chairman accused the banks of helping politicians to frustrate the cash withdrawal limit and cash swap policy.

• The policy is expected to force politicians to surrender old naira notes stock-pilled in their houses.

EKO HOT BLOG reports that protests have erupted in Abuja over the alleged hoarding of the redesigned Naira notes by commercial banks ahead of the January 31 deadline fixed by the Central Bank of Nigeria (CBN).

The angry protesters were reportedly led to commercial banks in Abuja by Mr. Monday Ajeh, chairman of the Nigerian Bar Association (NBA), Bwari chapter.

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According to THE WHISTLER, one of the members of the association stormed the Kubwa branch of Access Bank on Thursday, Ajeh accused commercial banks of conniving with politicians in deliberate attempts to frustrate the currency redesign swap policy of the CBN while subjecting ordinary citizens to harrowing experience.

“We came here in respect of the exchange of the new Naira notes with the old notes.

We’ve heard from customers and citizens within this axis that the banks till now have not complied with the directive of the CBN.

As we are still talking, I have been inside the bank, and I discovered that what they are giving out to their customers are still the old notes and we are talking about less than 7 days to the ultimatum given by the President and CBN governor. This is a frustrating situation,” he said.

The NBA chairman accused the banks of helping politicians to frustrate the cash withdrawal limit and cash swap policy which the CBN had said was partly aimed at reducing the amount of cash outside the banking system.

The policy is expected to force politicians to surrender old Naira notes stock-pilled in their houses and other places for the purpose of buying votes during the forthcoming general elections.

Ajeh said, “We are also aware that there is a connivance between the Nigerian banks and these politicians not to push out these monies (new notes) so that they can frustrate the whole system at the expense of these suffering masses.

“We can’t be suffering in this country on daily basis. You will queue for fuel and still queue for naira notes. That is why we’ve come here to register our protest as an association because as social crusaders, we owe society our duty and that is why we are here to register our protest to the bank to do the needful (because) by the time we come back, they will not see us in this gentle forum. It is better they go to the CBN to get the money (new notes).”

Asked why he thinks the banks are working with politicians to frustrate the policy, the NBA chairman said “Of course, you should know. Because the CBN addressed the whole world that this money is there.

“For you now to know that there is a connivance, we asked the man (bank manager) to let us interview him and he said no, that it is beyond his power, that we should understand.

“If you are saying you’re right that the CBN is not releasing the money, then let us blow it to the whole world so that the CBN too would be accused but he said no.

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“That means their hands are not clean, they are conniving with these politicians to frustrate the whole system but we must salvage this situation.”

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