Naira crisis: Banks to close down in locations with security challenge, says CIBN

Oluwanifemi Ojo
Oluwanifemi Ojo
Chartered Institute of Banking Nigeria

The Chartered Institute of Bankers of Nigeria on Saturday said commercial bank’s operations will be closed in locations with security challenges.

The institute on Friday said it was working with the Chief Executive Officers of the Body of Banks to address the present issues brought on by the redesign of the N1,000, N500, and N200 notes.

It stated that as long as it was safe to do so, the banks will continue to be open to serve the general population.

The institute said that it was important to keep bank workers safe during this period.

Am Business reported that some commercial banks across the country were attacked, and some of their facilities vandalized over the scarcity of the N1000, N500 and N200 old notes.

The president of Nigeria, Major General Muhammadu Buhari (retd.), on Thursday while addressing the nation ordered the continued use of the N200 old note alongside the new until April 10, 2023.

It was also said in the broadcast session that the N500 and N1000 notes are no longer legal tender although they are still redeemable when taken to any CBN branch.

Following the crisis and massive destruction of bank facilities in some part of the country,

President/Chairman of Council, Ken Opara, told Saturday PUNCH, that the management of banks has the power to close operations in locations with security challenges.

This was said in a statement issued by the CIBN, signed by the President/Chairman of Council, Ken Opara,

The statement which was titled, ‘CIBN, Body of Banks CEOs, Sue for Calm, Reassure the Public that the Banks Will Remain Open So Long it’s Safe to Do So’, partly reads,

“Therefore, the safety concerns being expressed in various quarters are already being addressed.

“Banks will continue to ensure that adequate security is in place to protect staff and customers whilst safeguarding the assets of the banks in contending with the current challenge.

“Consequently, we appeal to the general public to remain calm and eschew any act of violence as the banking industry remains resolute and committed to finding ways to address all the related issues.”

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