New naira: CIBN assures banking public of normalcy

The Chartered Institute of Bankers of Nigeria (CIBN) has assured the banking public of normalcy over the ongoing naira crunch across the country.

The Institute said it is working with assiduously stakeholders in the banking industry to bring the situation under control.

Akin Morakinyo, registrar/chief executive, CIBN, said this in a statement made available to BusinessDay on Tuesday.

“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.”

He said 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, ” Morakinyo said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.