Naira scarcity: Our branches are open where it is safe to do so, First Bank tells customers
First Bank are confirmed to open their banks for business where there is no likely danger of loss of customers’ safety
First Bank are confirmed to open their banks for business where there is no likely danger of loss of customers’ safety
– #Naira #scarcity #branches #open #safe #Bank #tells #customers
Israel Arogbonlo
Nigerian old-generation bank, First Bank of Nigeria Plc has said it will only open its branches where it is safe to do so following the naira crunch saga rampaging the country.
Banks have been under pressure since the Central Bank of Nigeria began the move to withdraw N1,000, N500 and N200 old notes from circulation.
Recall the apex bank had fixed Friday, February 10 as the deadline for the aforementioned old notes.
Cash scarcity has hit most banks as customers spend time at ATMs without being able to withdraw their money leading to pockets of protests in some sections of the country.
Reacting, First Bank, in a press release signed Thursday, said it may temporarily shut doors to customers following the rising security challenges in the country.
“We know these are challenging times and our commitment to support does not waver. We will keep our doors open and have greatly increased capacity across all our electronic platforms.
“However, should we observe skirmishes around certain locations, we may have to temporarily shut our doors as we also take the safety and welfare of our staff seriously.
“We believe that we are in this together and here to find and provide solutions. Unfortunately, those attacking bank branches only make it more difficult for us to do our part in resolving the challenge we collectively face,” the statement read.
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Naira Scarcity: First Bank Tells Customers its Branches are Open wherever it is Safe to do so
What is the Naira Scarcity?
Naira scarcity is an economic crisis of naira shortage in Nigeria. This shortage has caused prices of commodities to skyrocket and consequently limited the amount of money available in the economy. As a result, there is more demand for money than what is available, leading to a situation of naira scarcity.
How is First Bank responding to the Naira Scarcity?
First Bank of Nigeria has recently declared that its branches will remain open wherever it is safe to do so, in their effort to respond to this naira scarcity in the country. The bank has also decided to extend working hours at its most affected branches in order to meet the demands of customers, and to ensure that their customers continue to receive the financial services they need.
What are the Benefits to Customers?
The decision by First Bank to open its branches where it is safe to do so provides customers with certain benefits. With the longer working hours, customers will be able to visit the branches and get their transactions done in a timely fashion. Also, customers will have access to cash to meet their needs.
Frequently Asked Questions
Q: What is the Naira Scarcity?
A: The Naira Scarcity is an economic crisis of naira shortage in Nigeria.
Q: How is First Bank responding to the Naira Scarcity?
A: First Bank is responding to the Naira Scarcity by extending working hours at its branches and keeping them open wherever it is safe to do so.
Q: What are the benefits to customers?
A: Customers of First Bank will benefit from the extended working hours, as they will be able to access their cash and get their transactions done in a timely fashion.
Summary
First Bank of Nigeria is responding to the Naira Scarcity crisis in the country by extending working hours and keeping its branches open where it is safe to do so. This will enable customers to get their transactions done in a timely fashion and access the necessary cash they need in order to meet their needs.
