Naira scarcity: CIBN, Banks CEOs assure depositors of continued operations

• Banks will remain open if it’s safe to do so, says CIBN

By Motolani Oseni

As Nigerians continued to experience naira scarcity across the country, while some depositors vented their frustrations on commercial banks’ facilities across the country, the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks CEOs have begun collaboration to address the lingering challenges.

The Institute, in a statement signed by its President/Chairman of Council, Ken Opara, at the weekend explained that it’s is liaising with the Body of Banks CEOs to address the current challenges. As such, the banks would continue to remain open to serve the public as long as it is safe to do so.

He said the safety and security of staff of banks is of paramount importance.

According to him, where there is security challenge, the Management of banks have been empowered to take proactive measures to close their operations in such location and inform the Central Bank of Nigeria (CBN).

“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 their assets 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.

“We indeed appreciate your continued patience and understanding as we work together towards restoring normalcy”, the CIBN boss stated.

Meanwhile, the Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI), had threatened to direct its members to stay away from bank branches if the current attacks on banks persist.

The association said the financial implication of the nationwide rancour may cost the insurance companies over N2 billion, adding that the amount was based on the attacks on about five banks and branches across Abeokuta, Edo, Delta, Oyo, and Akwa Ibom states.

ASSBIFI added that bank branches were burnt, automated teller machines (ATMs) destroyed and workers’ personal effects were damaged by angry protesters.

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“Sadly, within weeks of implementation, the entire banking industry and workers were placed under public scrutiny and ridicule due to inciting and unbalanced reports circulated through various news and social media and leading to attacks on our members and other bank workers, and the destruction of banks’ properties,” the statement reads.