CBN warns against panic withdrawals, assures banks’ operations
The Central Bank of Nigeria (CBN) has advised Nigerians to stop panic withdrawals, saying banks and other financial institutions will remain open for business as directed by President Muhammadu Buhari.
The apex bank’s clarification is coming as hordes of customers, particularly in Lagos and the FCT, besieged their banks for hurried transactions a few hours to the 11.00pm set by the Federal Government for total lockdown of the FCT, Lagos and Ogun States in President Buhari’s nationwide broadcast on Sunday.
A statement issued by the apex bank’s Director, Corporate Communications, Isaac Okorafor, indicated that the restrictions on movements did not affect banks and other financial services providers.
The CBN maintained that the Minister of Finance, Budget and National Planning and the Governor of the Central Bank of Nigeria obtained Presidential approval to permit critical financial services to function during this period.
It stated: “Consequently, relevant security agencies have been requested to grant passage to critical staff of these institutions to enable essential and strategic financial transactions to go undisrupted during the period of the lockdown.”
According to the apex bank, financial institutions permitted to function during the lockdown period include the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), the Nigeria Interbank Settlement System (NIBSS) Plc,
Switching companies, Mobile money operators, and payment solution service providers.
He clarified: “In view
of
the ongoing restrictions and in order to check further spread of the corona virus disease, the CBN hereby urges the general public to limit their use of cash and avail themselves of the use of alternative payment channels such as mobile banking, Internet banking, Mobile money, Point of Sale, and USSD.”
“The public is therefore assured that financial institutions will remain operational during this period and therefore should guard against panic withdrawals from their banks.
“We also urge all Nigerians to adhere strictly to the movement restrictions and follow stipulated guidelines by the Federal Ministry of Health, Nigeria Centre for Disease Control (NCDC) and other relevant health agencies of government to curb possible spread of the virus in Nigeria”, CBN advised.