No Cause For Alarm, CBN Reassures Nigerians

Post created on 10:39 am

FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

The Central Bank of Nigeria (CBN) has dismissed rumours making rounds that there is a government plan to take over Union Bank, Keystone Bank, and Titan Trust Bank – all under the regulatory purview of the CBN.

To calm the air pressure, CBN through its Acting Director of Corporate Communications Mrs. Hakama Sidi-Alin, in a statement refuted the claims.

The emphasis on the statement said the report was not from CBN and cautioned the public against unverified information, reiterating CBN’s unwavering dedication to its mandated responsibility of upholding a resilient and secure financial system within Nigeria.

Confident in the safety of funds entrusted to financial institutions, the CBN added: “We guarantee the safety of the public and depositors’ funds.”

CBN reaffirmed there was no cause for alarm that customers should go ahead with their regular banking activities.

“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.

“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.

“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern,” the statement reads.

[The Nation/SA]