The Chartered Institute of Bankers of Nigeria (CIBN) announced on Friday that it is coordinating with the body of banks’ chief executive officers to address the challenges arising from the redesign of the N1,000, N500 and N200 notes. While the banks will remain open to serve the public, the institute emphasized that the safety of bank workers is paramount.
Recent weeks have seen several deposit‑money banks attacked by angry customers, with protests reported in various states over the scarcity of the newly designed notes. President Major General Muhammadu Buhari (retd.) stated on Thursday that the old N200 note would remain legal tender until April 10, 2023, and urged Nigerians to deposit their old N500 and N1,000 notes with the Central Bank of Nigeria.
In a statement signed by CIBN President and Chairman of Council Ken Opara, the institute affirmed that bank management has been empowered to take proactive measures, including closing operations in locations where security is compromised and informing the Central Bank of Nigeria. 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,” the statement reads in part:
“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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