In response to the ongoing #EndBadGovernance protests, some banks in Nigeria have implemented remote work policies for their employees.
The demonstration, which has garnered significant public attention over the past week recorded participation in Lagos, Abuja, Kano, Yobe, Sokoto, Gombe, Delta, and Rivers States, among other states, albeit minimal participation has been recorded in some of these states, such as in Rivers State.
While these demonstrations have remained peaceful in most places, tensions have heightened in some parts of the country, with security forces having to kick back against protesters in Abuja and Kano.
Amidst these events, certain financial institutions have reportedly taken precautionary measures, such as working from home and closing early.
Reports reaching Nairametrics indicate that certain Wema Bank branches across Lagos were closed, and staff were instructed to work from home, while staff of Zenith Bank and Ecobank were instructed to close early. GT Bank branches operate normally in Lagos State.
A staff of Union Bank noted, “The decision to resume physically was decentralized across the departments, and in my department, we were instructed to work remotely until Monday.”
Despite the disruptions in the banking sector, the Nigerian Exchange (NGX)’s operations were unaffected.
The NGX’s digital infrastructure has allowed trading activities to continue seamlessly, even as the situation unfolds across the country.
Since 2020, the NGX has adopted an almost remote trading system, with very few floor traders resuming physically to the floor of the NGX.
According to a securities dealer with Norrenberger, Ekene Oyeka, “Operations have been flat, the protest hasn’t had any significant impact on operations in the NGX.”
As the protests continue to unfold over the next couple of days, it is expected that banks and the CBN will release statements to guide operations.
However, it currently seems both parties are in an observatory mode.