CBN says Nigerian Banks are in Safe and Sound Mode

Central Bank of Nigeria (CBN), the apex bank on Wednesday, again reiterated that Nigerian banks remain safe and sound.

This followed reports stating that the federal government was planning to take over some financial institutions supervised by the apex bank,

It also urged bank customers to proceed with their banking transactions as usual.

According to a signed statement by Sidi-Ali Hakama, acting director, Corporate Communications, CBN, the attention of the bank has been drawn to certain media reports about recommendation for the Federal Government to take over some CBN-supervised financial institutions.

It said, “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 further stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria and assured 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,” it said.