Naira redesign: Banks are not closing, says CIBN

Oluwanifemi Ojo
Oluwanifemi Ojo
Chartered Institute of Banking Nigeria

The Chartered Institute of Bankers of Nigeria has debunked the rumours that commercial banks will close down.

CIBN joined to support the refute by the Central Bank of Nigeria about the report on the closure of banks.

Recall that the CBN on Friday debunked claims that it planned to close down some commercial banks.

The apex bank also denied a report that the Nigerian Security Printing and Minting PLC is unable to print more money because of its capacity.

According to the institute, the banking industry is in good condition as confirmed by the CBN, “which is the only body best suited to assess the health of the financial industry in Nigeria.”

CIBN said, “We equally like to allay the fears around the shortage of materials for printing the new naira notes, which the CBN has also discredited.

“This has also been debunked in a widely circulated press release by the Nigeria Security Printing and Minting Company, which described the story as false, baseless and misleading.”

NSPM disclosed over the weekend that  it “has made adequate arrangements to continuously produce redesigned naira notes as well as other denominations.”

“We implore the public to disregard any contrary information as the entire banking community remains focused, committed, and working round the clock to address all the contending issues with a view to restoring normalcy,” said Ken Okpara, the President of the council of the CIBN.

He added, “We indeed appreciate your continued patience and understanding as we work together towards building the Nigeria of our dream.”

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