The Central Bank of Nigeria (CBN) has confirmed the safety of cash in Nigerian banks, emphasizing the wellness of the country’s banking sector.
As a result, the apex bank recommended the people continue with their routine banking activities without becoming alarmed by unconfirmed allegations about the health of Nigerian banks that did not originate with the CBN.
The apex bank indicated that it is well equipped to carry out its statutory role of ensuring the stability of Nigeria’s financial system.
In a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, the apex bank said, “The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.
“For the avoidance of doubt, Nigerian banks remain safe and sound. The Central Bank of Nigeria 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 CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.
“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.
“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”
The clarification follows a report by the Central Bank of Nigeria’s special investigator, Jim Obazee, alleging the embattled former governor of the top bank, Godwin Emefiele, used proxies to establish two financial businesses.
The revelation fueled speculation that the Central Bank of Nigeria (CBN) could take over Titan Trust Bank (formerly Union Bank) and Keystone Bank.
