Business
THE Central Bank of Nigeria, CBN, has advised Nigerians to limit the use of cash for transactions and resort to alternative payment channels in order to curb the spread of the pandemic in the country.
A statement entitled: “Undisrupted Financial Services During COVID-19 Lockdown” issued by the CBN on Monday, March 30,
stated that “in view of the ongoing restrictions and in order to check further spread of the coronavirus disease, the CBN hereby urges the general public to limit their use of cash and avail themselves of the use of alternative payment channels such as mobile banking, Internet banking, Mobile money, Point of Sale, and USSD.”
The statement signed by Isaac Okorafor, Director, Corporate Communications, CBN, assured: “that financial institutions will remain operational during this period and therefore should guard against panic withdrawals from their banks.”
According to the statement, “It will be recalled that President Muhammadu Buhari had issued a directive restricting the movement of people – excluding those on essential service – with effect from 11 pm on Monday, March 30, 2020, in the Federal Capital Territory (FCT), Lagos and Ogun States, as a response to the coronavirus (COVID-19) pandemic.
“Subsequently, the Minister of Finance, Budget and Planning and the Governor of the Central Bank of Nigeria obtained Presidential approval to permit critical financial services to function during this period.
“Consequently, relevant security agencies have been requested to grant passage to a critical staff of these institutions to enable essential and strategic financial transactions to go undisrupted during the period of the lockdown. These institutions include CBN; deposit money banks, DMBs; the Nigeria Interbank Settlement System, NIBSS, Plc; switching companies; Mobile money operators, and payment solution service providers.
The bank urged all Nigerians to adhere strictly to the movement restrictions and follow stipulated guidelines by the Federal Ministry of Health, Nigeria Centre for Disease Control, NCDC, and other relevant health agencies of government to curb the possible spread of the virus in Nigeria.
– Mar. 30, 2020 @ 18:19 GMT |
Tags: Coronavirus: CBN urges Nigerians to limit use of cash for transaction
