The Central Bank of Nigeria has confirmed the safety of cash in Nigerian banks, emphasizing the country’s banking sector’s soundness. As a result, the apex bank recommended the people to continue with their routine banking operations without being alarmed by unconfirmed allegations about the health of Nigerian banks that did not originate with the CBN.
The CBN indicated that it is well prepared to carry out its statutory role of ensuring the stability of Nigeria’s financial system. “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” said the apex bank’s acting Director, Corporate Communications, Hakama Sidi-Ali, in a statement issued on Wednesday.
“For the avoidance of doubt, Nigerian banks remain safe and sound. 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 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 comes after the report by the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.
The report fuelled speculations that the CBN may take over Titan Trust Bank (former Union Bank) and Keystone Bank.
Obazee, appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.
