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Nigerian banks are safe, sound, says CBN

CBN Headquarters

Nigerian banks remain safe and sound, and there is no cause for alarm, the Central Bank of Nigeria (CBN), today, assured the public.

The reassurance followed some media reports about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

But in early hours statement today by the Ag. Director, Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank said: “For the avoidance of doubt, Nigerian banks remain safe and sound.”

It therefore “encouraged 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 also reiterated that it 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 concluded.

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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