Coronavirus: CBN triggers business continuity plans

Central Bank of Nigeria (CBN) has asked its non-essential staff to work from home as from Wednesday this week.

The apex bank in a statement signed by its director of communications, Mr Isaac Okorafor said the directive followed the current impact of the coronavirus (COVID-19) on the global economy.

However, CBN will continue to operate throughout the duration of the social distancing order of 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.”

Okorafor said CBN had directed Deposit Money Banks (DMBs) and other financial institutions to trigger their business continuity plans.

“The welfare and safety of our staff and their families, and indeed all Nigerians, remain a 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 the 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.”

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