CBN affirms bank deposits are safe, customers need not panic
By Jeph Ajobaju, Chief Copy Editor
Bank deposits are safe and there is no need to panic despite the ongoing second naira scarcity in 12 months, the Central Bank of Nigeria (CBN) has assured depositors, insisting there is stability in the banking sector.
The regulator advised the public to continue with normal banking activities without buying into the alarm caused by unverified reports from outside the CBN doubting the viability of banks.
A statement issued by acting CBN Director of Corporate Communications, Hakama Sidi-Ali, reiterated the apex bank is well equipped to uphold a safe and stable financial system in Nigeria.
“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,” the statement said.
“For the avoidance of doubt,” it added, “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.”
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CBN fully equipped to do its job
“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria,” the statement stressed.
“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 clarification comes on the heels of the leaked report by CBN Investigator Jim Obazee which alleges former CBN Godwin Emefiele used proxies to set up two financial institutions.
The report fuelled speculation the CBN may take over Titan Trust Bank (which recently acquired Union Bank) and Keystone Bank.
Obazee, who was appointed in July, submitted his final report titled, “Report of the Special Investigation on CBN and Related Entities (Chargeable Offences)”, to the Presidency on December 20.