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“No Cause for Alarm”, CBN Assures Depositors

The Central Bank of Nigeria (CBN) has advised bank customers to proceed with their banking transactions without any fear whatsoever.


This assurance is contained in a statement it issued in reaction to reports in some sections of the media about a recommendation for the Federal Government to take over some financial institutions which fall within the Apex bank’s supervisory purview.


“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 bank states.


“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.

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