CIBN addresses banks’ survival amid attacks caused by CBN’s Naira redesign policy

The Chartered Institute of Bankers of Nigeria (CIBN) has doused fears of any Nigerian Deposit Money Banks (DMB) collapsing due to the chaos from the Naira redesign policy.

In a statement signed by CIBN President and Chairman of Council, Ken Opara, and made available to the media on Monday, the institute said the banking industry remains stable.

Ripples Nigeria had reported that customers were attacking bank buildings due to difficulty in accessing their funds as financial institutions run out of cash.

Queues have been witnessed at Auto Teller Machines (ATM) across the country, and with account holders becoming irate, banks are shutting down to avoid attacks.

Read also:Naira hoarding: Investors dump Sterling Bank shares amid CBN, ICPC accusations

According to Opara, the Central Bank of Nigeria (CBN) has equally assessed the health of the financial industry in Nigeria and has attested to the banking industry’s durability.

“In view of this, the apex bank has debunked the insinuation that it plans to shut down some deposit money banks.

“We equally like to allay the fears around the shortage of materials for printing the new naira notes, which the CBN has also discredited”, Opara stated.

The CIBN President added, “This has also been debunked in a widely circulated press release by the Nigeria Security Printing and Minting Company, which described the story as false, baseless and misleading.”

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