The Central Bank of Nigeria
CBN assures Nigeria of the safety of their money in banks. 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 activities without becoming alarmed by unconfirmed allegations about the health of Nigerian banks that did not originate with the CBN.
The Central Bank of Nigeria indicated that it is well equipped to carry out its statutory role of ensuring the stability of Nigeria’s financial system.
The Central Bank of Nigeria said in a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, “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.”
“To avoid any doubt, Nigerian banks are still safe and sound.” The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system.”
“We assure the general public and depositors that their funds are safe 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 up 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.
Obazee, who was appointed special investigator in July 2023, gave his final report to the Presidency on December 20, 2023, titled “Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses).”