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Your Money Is Safe in Banks, CBN Assures Depositors

The Central Bank of Nigeria, CBN, yesterday assured depositors and customers of Nigerian banks of the safety of their funds in the banks.

The Acting Director of Corporate Communications Department of the CBN, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Tuesday.

According to Sidi-Ali, the assurance was informed by reports about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

It was reported by some media outlets about plans by the CBN to take over Titan Trust Bank (former Union Bank) and Keystone Bank.

This is allegedly linked to a report by Mr Jim Obazee, CBN’s special investigator, that former governor of the apex bank, Mr Godwin Emefiele, used his proxies to acquire the two 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,” she said.

She advised bank customers to proceed with their banking transactions as usual, as there was no cause for concern. 


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