The Central Bank of Nigeria (CBN) has reassured the public of the safety of funds in Nigerian banks, emphasizing the stability of the country’s banking sector.
The apex bank advised individuals to continue their regular banking activities without giving in to alarm caused by unverified reports not originating from the CBN regarding the health status of Nigerian banks.
In a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, the CBN emphasized that Nigerian banks remain safe and sound.
The statement addressed recent reports in certain media outlets suggesting a recommendation for the Federal Government to take over some CBN-supervised financial institutions.
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“The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks,” the statement said.
The CBN asserted its readiness to fulfill its statutory duty of upholding a stable financial system in Nigeria.
It assured the general public and depositors of the safety of their funds in Nigerian financial institutions, urging bank customers to proceed with their transactions as usual.
The clarification followed a report by the CBN’s special investigator, Jim Obazee, stating that the former governor of the apex bank, Godwin Emefiele, allegedly used proxies to set up two financial institutions.
This report led to speculations that the CBN might take over Titan Trust Bank (formerly Union Bank) and Keystone Bank.
The special investigator submitted his final report to the Presidency on December 20, 2023.
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