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New Naira Notes: CIBN Empathizes with Nigerians, Assures on Stakeholders’ Commitment to Resolving Crises

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CIBN bankers

CEM REPORT, FINANCE | The Chartered Institute of Bankers of Nigeria (CIBN) has expressed concern over the recent crises rocking the financial sector. The Institute is empathizing with Nigerians going through a difficult moment occasioned by policy induced scarcity of naira notes.

In a statement issued Tuesday and signed by the Registrar/Chief Executive, Akin Morakinyo, HCIB, CIBN specifically attested to the fact that the difficulties encountered in accessing the new Naira notes has heightened tension and, in some cases, provoked acts of violence at different customer touch points.

Whilst CIBN expressed the reality of the plight of bank Customers, it is passionately appealing for calm and understanding saying the regulator (the Central Bank of Nigeria) and the operators (the banks) are working assiduously to bring the situation under control.

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According to CIBN, a better approach to resolving this crisis requires cooperation from customers and the banks. While customers are beseeched to eschew any act capable of exacerbating the current situation and exercise restraint, Banks are called to perform their duties with utmost professionalism and diligence.

[READ ALSO] Banks Not Hoarding New Naira Notes, Normalcy Returning Soon – ACAMB

CIBN full press statement

NEW NAIRA NOTES: STAKEHOLDERS IN THE BANKING INDUSTRY ARE WORKING ASSIDOUSLY TO BRING THE SITUATION UNDER CONTROL

We sincerely empathize 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.

Relevant stakeholders within the ecosystem are being engaged with a view to addressing the unintended consequences of the laudable Naira Redesign Policy.

To this end, 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.

The Chartered Institute of Bankers of Nigeria, the umbrella professional body for banks and bankers is confident that this phase will pass with the cooperation of all and sundry, and our country Nigeria will come out of this stronger.

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