By Ben Igbokwe
Following the escalation of the multiple crises trailing the scarcity of the new Naira banknotes and the simultaneous ban of the N200, N500, and N1,000 old banknotes, the President of the Chartered Institute of Bankers of Nigeria and Bank Chief Executives have appealed to the Nigerian public for understanding and calm.
In a statement released by the Institute over the weekend and signed by its President/Chairman of Council, Dr. Ken Opara, it was stated that the CIBN was liaising with the Body of Bank CEOs ,which is the umbrella body of all the Managing Directors/Chief Executives of Banks in the country, to address the challenges generated by the lingering crises and attacks on bank infrastructures and personnel in some parts of the country adding that ”the banks would remain open to serve the public as long as it is safe to do so”.
According to Opara “the safety and security of staff of banks is of paramount importance. Hence, where there is security challenge, the Management of banks have been empowered to take proactive measures to close their operations in such location and inform the Central Bank of Nigeria”.
He assured that “the safety concerns being expressed in various quarters are already being addressed adding that banks will continue to ensure that adequate security is in place to protect staff and customers whilst safeguarding their assets in contending with the current challenge”.
“We appeal to the general public to remain calm and eschew any act of violence as the banking industry remain resolute and committed to finding ways to address all the related issues. We indeed appreciate your continued patience and understanding as we work together towards restoring normalcy”, said the CIBN President.
Same weekend, in a related development, the Association Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI), has issued another public statement ordering banks staff to stay at home in the face of apparent hostilities and attacks on banks by some aggrieved bank customers which escalated after President Muhammad Buhari in a nationwide broadcast speech on the naira crisis on February 16, 2023.
Mr. Olusoji Oluwole, President, ASSBIFI observed that “the Association’s national secretariat had been inundated with reports of threats and attacks on lives and properties of members and bank branches, subsequently had been on the field to monitor and confirm the reports”.
He said despite the warnings and appeals to government to provide security measures for the safety of lives and properties of their members, within and around the bank premises, but the attacks have continued, siting the attacks on banks in Epe, Lagos state on Friday, February 17, 2023, where some banks branches were attacked by hoodlums. “We cannot leave the lives and properties of our members exposed to obvious danger”, Oluwole emphasized.
“All members should today immediately stay away from work in any state where bank branches are attacked. This is to continue every day until normalcy is restored”, the statement said.
However, on Sunday, February 19, 2023, ASSIBIFI issued another statement in which it suspended the sit-at-home order to members which was expected to have commenced today, Monday, February 20, 2023. The ASSBIFI boss who noted that the recent unwarranted attacks on their members, other bank workers, and the destruction of several bank branches across various states, forced the association to issue a stay-at-home order to members to safeguard their lives, and properties of their various organisations, advised them to assess the security situation in their environments before opening for business.
“While our members will resume at their functional branches immediately, the safety and security of their lives remain paramount to us and we continue to demand that visible and adequate security is provided in all operational areas. particularly places that are traditionally known to be volatile”.
“In the event of any threat of attack by the public without visible protection, they have been advised to shut down and move to safe locations until such a time that their safety can be guaranteed,” ASSBIFI President advised.
It would be recalled that that PMB’s address on February 16, 2023 was the last straw that broke the camel’s back. This is because the President’s speech which affirmed CBN ban of N500 and N1000 old Naira banknotes was viewed in certain quarters as setting aside the Supreme Court’s earlier pronouncement on the legal tender status of the affected banknotes. The apex court had on Wednesday, February 15, 2023, affirmed the validity of the use of old 200, 500 and 1000, naira notes, respectively, according to The Punch Newspaper online.
However, after the PMB’s speech all doors and windows for continued use of old banknotes were finally shut leaving most Nigerian more hopeless and helpless as the scarcity of the newly redesigned naira notes remained unabated and cost of food and other items soar, consequently forcing some angry customers to resort to violent against banks.
Last week videos of attacks on banks in some states including Lagos, Edo, Akwa Ibom among others had emerged. Also, there were press releases purportedly emanated from the CBN on Friday, February 17, 2023 with one claiming the CBN had directed all money deposit banks to collect old N500 and N1000 banknotes from customers. A claim which was supported by others press releases by individual banks to their customers sited by NEXTMONEY including a video of some top CBN officials addressing a marmot crowd of bank customers which had gathered at a location suspected to be CBN office off Marina Lagos. In the widely circulated video, a CBN official was heard telling customers who have N500,000 and below of the old bank notes to go back to their respective bank branches to make their deposits while customers with over N500,000 and above were advised to remain and be attended to at the apex bank branch.
However, towards the evening of same Friday, February 17, 2023, another statement emerged from CBN and signed by its Director, Corporate Communication, Dr. Osita Nwanisobi, and vehemently denied that the apex bank was involved in the previous statement. “For the avoidance of doubt, and in line with Mr. President’s broadcast of February 16, 2023, the CBN has been directed to ONLY reissue and circulate the old N200 banknotes and this expected to circulate as legal tender for 60 days up to April 10,2023. Members of the public should therefore disregard any message and/or information not formally released by the CBN on this subject”, he said.
Nwanisobi who described the earlier information as fake and unathorised messages advised media practitioners to always verify any information from the correct sources before publication. A development that has left Nigerians and other stakeholders more confused with some financial experts and political leaders critising the apex bank of lacking in focus, strategy and good intention in the timing, introduction and management of the newly redesigned Naira banknotes.
Unfortunately, as the 2023 elections draw nearer and presidential candidates of the various political parties ramping up their campaigns, tension in the land has heightened while the masses continue to suffocate and business activities remain at lowest ebb since Nigerian history in peace time, and the atmosphere unarguably remains uncertain amidst worsening new Naira notes scarcity alongside prevailing general economic woes.