Your Funds Are Safe In Banks, CBN Assures Nigerians

The Central Bank of Nigeria (CBN) has assured Nigerians that their deposited funds in Banks are safe.

VerseNews reports that the apex bank disclosed this on Wednesday in a statement signed by the Sidi-Ali, Hakama (Mrs.), Ag. Director, Corporate Communications.

The CBN 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 (CBN) 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 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 statement reads.

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).”