In response to widespread rumors causing concerns about the stability of Nigerian banks, the Central Bank of Nigeria (CBN), has issued a statement assuring depositors of the security of their funds.
The CBN urges the public not to panic and to continue their normal banking activities.
“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 statement reads.
Emphasizing its commitment to ensuring the stability of Nigeria’s financial system, the CBN states, “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.”
This announcement comes in the wake of a report by the CBN’s special investigator, Jim Obazee, alleging that former governor Godwin Emefiele used proxies to establish two financial institutions.
The report recommended the Federal Government reverse the sale and takeover of Union Bank of Nigeria by Titan Trust Bank Limited and Keystone Bank, citing lack of proof of payment. Titan Trust Bank Ltd has denied the allegations.
