CBN to remain operational while COVID-19 lasts

The Central Bank of Nigeria (CBN) will not shut down operations despite the Coronavirus (COVID-19) pandemic, the Bank assured on Thursday in Abuja. The assurance was contained in a statement issued in Abuja by the Bank’s management.

The statement reads: “Following the current impact of the Coronavirus (COVID-19) on the global economy coupled with efforts by the Nigerian Government, including partial lockdown in some States and at the Federal level, to check the spread of the virus in Nigeria, the Central Bank of Nigeria (CBN) wishes to inform stakeholders and members of the Nigerian public that the Bank will remain open for business during this period.

“As a responsible public institution and regulator, we have triggered our business continuity plans to ensure that the Bank’s operations remain largely undisrupted at this present time when social distancing has become key to checking further spread of the virus. We have also directed Deposit Money Banks (DMBs) and other financial institutions to do same.

“The welfare and safety of our staff and their families, and indeed all Nigerians, remain top priority to us. Consequently, with effect from Wednesday, March 25, 2020, till further notice, only essential staff of the CBN Head Office and the 37 Branches of the Bank will be expected to report for duty daily.

“In other words, our staff in non-critical roles have been directed to stay at home and work remotely, when their services are required.

“We have also directed all our staff to follow stipulated guidelines by the Federal Ministry of Health, National Centre for Disease Control (NCDC) and other relevant health agencies of government to curb possible spread of the virus in Nigeria.

“For the avoidance of doubt, the CBN, in line with its mandate of ensuring monetary and price stability, will remain open for business during these trying times.