Home ยป CBN Assures Depositors of Nigerian Banks’ Safety Amidst Speculation

CBN Assures Depositors of Nigerian Banks’ Safety Amidst Speculation

by ONUAH YVONNE

The Central Bank of Nigeria (CBN) has reassured depositors of the safety of their funds in all Nigerian banks, dispelling concerns raised by recent media reports suggesting a federal government takeover of some financial institutions under CBN supervision. The acting Director of Corporate Communications, Sidi-Ali Hakama, emphasized that Nigerian banks are secure, urging the public to continue their regular banking activities without fear.

In a statement released on Wednesday, the CBN stated, “Nigerian banks remain safe and sound. The CBN encourages the public to continue with their regular activities without being alarmed by reports that 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 were advised to proceed with their banking transactions as usual, emphasizing that there is no cause for concern regarding the safety of deposits in Nigerian banks.

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