Naira Scarcity: CIBN, BDAN Call for Calm, Say Regulator, Banks Working to Resolve Lapses

Naira Scarcity: CIBN, BDAN Call for Calm, Say Regulator, Banks Working to Resolve Lapses


•Bank shut branches in Ogun to avoid attack 

•Unions condemn attacks on banks, workers 

•Police ban protest, rally in Kwara

Nume Ekeghe, Ugo Aliogo in Lagos, James Sowole in Abeokuta and Hammed Shittu in Ilorin

The Chartered Institute of Bankers of Nigeria (CIBN) and Bank Directors Association of Nigeria (BDAN) have pleaded with Nigerians to remain calm, stating that the banks and the regulator are working to address lapses associated with the naira redesign.

The CIBN and BDAN stated this in separate statements made available to THISDAY yesterday.

The Registrar/Chief Executive, CIBN, Akin Morakinyo, stated that the had seen the plight of bank customers and passionately appealed for calm and understanding.

He said the Central Bank of Nigeria (CBN) and the banks were working assiduously to bring the situation under control.

He stated: “We sincerely empathise with the banking public on the difficulties encountered in accessing the new naira notes which heightened tension and in some cases, provoked acts of violence at different customer touch points.

“Whilst we understand the plight of bank customers, we passionately appeal for calm and understanding as the regulator (the Central Bank of Nigeria) and the operators (the banks) are working assiduously to bring the situation under control.”

He added that relevant stakeholders within the ecosystem were being engaged with a view to addressing the unintended consequences of the laudable naira redesign policy.

 “We beseech the general public to eschew any act capable of exacerbating the current situation and exercise restraint while we enjoin all our members to carry on their duties with utmost professionalism and diligence,” he added.

On its part, BDAN in a statement signed by the Chairman, Board of Directors, Mr. Mustafa Chike-Obi stated that the association was making it top priority to ensure that the hardship being faced by Nigerians was not only addressed but eliminated.

He said: “We, (BDAN) empathise with members of the public at this crucial time. We are mindful of the discomfort and hardship associated with the current currency reform which has introduced the newly designed naira notes and reduction in withdrawal limit.

“It has indeed been a difficult period for Nigerians and BDAN is making it top priority to ensure that this hardship is not only addressed but eliminated.”

 “We are in constant communication with all the banks and are assured that they are all doing whatever is within their control to normalise this difficult situation. We enjoin the banking public to maintain peace, rest assured that BDAN is taking all reasonable steps to influence the structure and mechanisms that should free up bottlenecks and open channels that will speed up the resolution of the crisis.

“BDAN hopes to count on the public’s patience, understanding and cooperation.”

Meanwhile, commercial banks in Abeokuta, the Ogun State capital, shut down their premises against their customers following wild protests by some youths over scarcity of new naira notes and high cost of fuel.

When THISDAY visited Lalubu Street, the Abeokuta Central Business District(CBD), Sapon, Panseke and Ibara areas of the state capital, all banks premises were under lock and key while their ATMs were also not functioning.

Many of the banks, ATMs were attacked and vandalised by the protesters on Tuesday, forcing some staff to flee through the back exit for safety.

Armed security operatives were also sighted manning the banks, especially First Bank’s branches, to secure them, having received the fiercest of attacks by youths protesting the cash and fuel scarcity in the town.

It was gathered that the resolve to close banks premises, was sequel to a statement by the Bankers Forum, which went viral on social media, directing commercial banks, not to open for business yesterday (Wednesday).

In a related development, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has condemned the unwarranted attacks on banks and its workers.

It noted that in lbadan, Oyo State, there was an attack on the properties and staff of five banks. ASSBIFI, in a statement signed by the National President, Olusoji Oluwole, said the attack was a fall out from the unverified social media reports accusing banks of being the sole cause for the unavailability of the newly redesigned naira notes.

The statement also noted that ASSBIFI had in the past, warned of this happening and had raised concerns about the safety of our members’ working in banks.

Oluwole lamented that the attacks had continued unabated as their members have been constantly abused, harassed and even threatened not to come out of their premises at the close of work, adding that the most visual evidence was the video of bank staff in Asaba, Delta State, having to run for their lives through a back channel.

According to him, “While we strongly condemn any sharp practices or acts inimical to the smooth disbursement of the new naira notes, we call on the public to understand the plight of banks and workers and desist from the continued harassment, and the security agencies to pull in place necessary security measures to protect lives and properties within and around bank premises.”

Also, the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE), appealed to federal government, the CBN and various stakeholders to strive and end the untold hardship brought as a result of change of currency/cash withdrawal policy.

The union in a statement signed by General Secretary, Mohammed Sheikh, condemned in entirety the recent attack on bank workers without proper protection by the security agencies.

 The union also sympathised with ordinary Nigerians who were unable to access their funds in banks.

“We therefore call on Central Bank of Nigeria to review cash withdrawal policy which has affected the business of over 200,000 Point of Sales (POS) business in Nigeria,” it added.

In Kwara, the Police command has banned protest, rally and procession in all parts of the state in the meantime following intelligence reports.

The development according to THISDAY checks might not be unconnected with the ongoing attacks on some banks in the country over the scarcity of new naira notes.

A statement issued in Ilorin, yesterday, signed by the command Police Public Relations Officer (PPRO), Okasanmi Ajayi, stated that the ban became inevitable, “owing to an intelligence report indicating that hoodlums have perfected plans to hijack any rally or procession to cause chaos.”

The command also stated that aggressive patrols of the state and raids on criminal hideouts would continue, adding that it would do everything legally possible to ensure safety and security of the state.

“This order becomes inevitable owing to an intelligence report indicating that hoodlums have perfected plans to hijack any rally or procession and use the process to cause chaos and jeopardise the current fragile peace in the country and by extension, Kwara state.

“The Commissioner of Police of Kwara State, CP Paul Odama who understands that it is constitutional for the citizens to protest peacefully, however, in a situation where such a protest or rally could be hijacked putting the lives and property of the people and  government at risk would not be acceptable.

“This is a temporary ban to evaluate and access the security situation in the state.

“It is pertinent to also advice political party leaders to warn their supporters to desist from inciting and unguided statements on social, print and electronic media capable of inflaming crisis and heating of the polity.”

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