Connect with us

Breaking News

#EndSARS Violence: What CBN Will Do To Banks Over Looting



What CBN Will Do To Banks Over Looting

Following the escalation of #EndSARS protests violence which led to looting, CBN has revealed what it will do to banks.

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) is set to carry out an assessment of banks following a series of attacks unleashed on them by hoodlums last week.

A source at the apex bank said, “We will make assessments over the weekend to see the extent of damage that banks suffered”.

He stated the CBN wants to be adequately informed of the extent of damages the banks suffered before taking any action.

According to the source: “Once we review the situation over the weekend we will know what to do”.

However, he pointed out the duty of the CBN is to regulate the banks while the banks “are the ones to assure their customers of the safety of their deposits”.

On Sunday, most banks in the Abuja metropolis manipulated their Automated Teller Machines (ATMs) not to dispense cash.

A security guard at one of the new generation banks told our reporter that the management manipulated the ATMs to prevent hoodlums from further damaging the machines while trying to steal cash.

Other than Jaiz bank in Central Area, which had only one ATM dispensing cash, no bank NewsOnline Nigeria visited from Garki, Wuse, Central Area, parts of Asokoro and Gana Street on Maitama dispensed cash through their ATMs.

Adding some perspective to the development, Abdul Imoyo of Access Bank said though he was not in town to confirm if the management of the bank took that decision, his take was that the bank may have fixed the ATMs from dispensing cash to prevent its customers from being robbed by vandals.

According to him: “We have heard that these hoodlums lay in wait for customers make withdrawals from ATMs before robbing them of their money”.

Robbing people who use ATMs may be the reason for manipulating the ATMs. It could be precautionary I don’t know. It is not peculiar to a particular bank”.

His bank, he said, “maybe staying on the side of caution, they don’t want to put people’s lives in danger”.