* CBN warns against panic withdrawals from banks

* Begins provision of medical facilities, suspends cheques clearing instruments
Isola Moses | 绿帽献妻
In view of the restriction on movement which the Nigerian Government has imposed on Abuja, Lagos and Ogun States over COVID-19 pandemic, the Central Bank of Nigeria (CBN) says the Apex Bank and other financial institutions will open for business.

Mr Isaac Okorafor, the CBNs Director, Corporate Communications made this known in a statement in Abuja on Monday.

It is recalled that President Muhammadu Buhari had issued a directive restricting the movement of people, excluding those on essential service with effect from 11p.m. Monday, March 30 FCT), Lagos and Ogun states, as a response to Coronavirus (COVID-19) pandemic.

News Agency of Nigeria reports that Mr. Isaac Okorafor, Director, Corporate Communications, CBN, explained that subsequently, the Minister for Finance, Budget and Planning and Governor of the Central Bank of Nigeria obtained Presidential approval to permit critical financial services to function during this period.

Mr. Okorafor said relevant security agencies had been requested to grant passage to critical staff of these institutions to enable essential and strategic financial transactions to go undisrupted during the period of the lockdown.

The Director of Corporate Communications disclosed that these institutions include CBN, Deposit Money Banks (DMBs), Nigeria Interbank Settlement System (NIBSS), Switching companies, Mobile Money operators, and payment solution service providers.

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 public is therefore assured that financial institutions will remain operational during this period and therefore should guard against panic withdrawals from their banks.

We also urge 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 possible spread of the virus in Nigeria.

绿帽献妻 has learnt that the CBN has begun the provision of medical facilities in the six geo-political zones, so as to help in containing the spread of COVID-19 pandemic in the country.

Okorafor, who made this known in a statement in Abuja, FCT, Monday March 30, disclosed that Mr. Godwin Emefiele, Governor of CBN, explained that the intervention package included the creation of testing, isolation and treatment centres, as well as provision of Intensive Care Units and molecular testing labs.
We have started with 1,000 beds in Lagos, Kano 500 beds, Rivers 210 beds, Abuja 200 beds, Enugu 200 beds and Borno 200 beds.

We expect these facilities to be in operational within 10 days.

The next phase will see locations set up in Katsina, Ogun, Bayelsa, Anambra, Bauchi and Plateau to be ready within three weeks.

The remaining states of the Federation will be set up in the last phase within the next five weeks.

Based on the population of Lagos, and the fact that it is the epicentre of this crisis, we will also be creating a permanent structure within the next four to six months.

We are pleased to announce that teams have been set up and world-class standards are being employed to aggressively pursue a solution to this pandemic.

He urged Nigerians to 鈥減lease continue to follow the health and safety guidelines as mandated by the Nigeria Centre for Disease Control (NCDC).

Meanwhile, the CBN has suspended cheques clearing instruments indefinitely the clearing of cheques instruments in the Nigerian clearing system in a circular to all Deposit Money Banks and the Nigeria InterBank Settlement System.

The Bank stated that in view of the lockdown and in furtherance of its effort at ensuring hitch-free clearing and settlement activities, there is a need to suspend the clearing of cheques instruments.

The suspension, according to the circular, would commence from Tuesday, March 31, 2020.

No fresh cheque instrument will be allowed to pass through the clearing system on that day, but added that it is only returned cheques that would be treated on the day.

For the avoidance of doubt, no fresh cheque instrument will be allowed to pass through clearing system on March 31, 2020.

鈥淥nly returned cheques would be treated on the said date,鈥� it explained.

The circular, nonetheless, stated that settlement activities for electronic instruments would continue to hold during the period of suspension.

Additional reports by Alexander Davis and Gbenga Kayode

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