The Central Bank of Nigeria has reaffirmed the security of funds within Nigerian banks, underscoring the robust stability of the country’s banking sector.
In an official statement, the apex bank urges the public to maintain their routine banking activities and not be swayed by unverified reports, not originating from the CBN, that have caused unnecessary alarm regarding the health of Nigerian banks.
According to the CBN’s communication, it is fully equipped to fulfill its statutory duty of ensuring a stable financial system in Nigeria.
The acting Director, Corporate Communications, Hakama Sidi-Ali, emphasized, “Nigerian banks remain safe and sound.” The CBN encourages the public to dismiss concerns arising from reports not originating from them and assures the safety of funds in Nigerian financial institutions.
Speculations fueled by a report suggested the possibility of the CBN taking over Titan Trust Bank (formerly Union Bank) and Keystone Bank. Special investigator Obazee, appointed in July 2023, submitted the final report titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses)’ to the Presidency on December 20, 2023.
