CBN Orders Banks To Work During 14-Week Lockdown

CBN Orders Banks To Keep Working During Two-Weeks Lockdown

CBN Governor Godwin Emefiele

The Central Bank of Nigeria (CBN) says there will be no disruptions in banking services during the 14-day lockdown.

Isaac Okorafor, CBN Director of Corporate Communications, made this known in a statement on Monday.

President Muhammadu Buhari had, on Sunday, announced restriction of movements in Lagos, Ogun and Abuja for 14 days to contain the spread of COVID-19.

In a joint statement with the ministry of finance, budget and national planning, the CBN said it had obtained permission from the president for key players in the financial sector to continue skeletal services.

“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,” the statement read.

The exempt institutions were listed to include:

  • The CBN
  • Deposit Money Banks (DMBs)
  • The Nigeria Interbank Settlement System (NIBSS) Plc
  • Switching companies
  • Mobile money operators
  • Payment solution service providers.

The public was also encouraged to limit the use of cash and adopt alternative payment channels like mobile banking, internet banking, mobile money, point of sale (POS), and USSD.

Bank customers were also warned against panic withdrawals as financial institutions would remain operational during the lockdown.

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Olugbenga Ige is an alumnus of the prestigious Adekunle Ajasin University, Ondo State and The Polytechnic, Ibadan. The new media enthusiast and a fine-grained media influencer was a reporter at Concise News.

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