Nigerian Banks Are Safe -CBN Reassures

By Sunday Etuka, Abuja

The Central Bank of Nigeria (CBN) has once again reassured the banking public of the safety of their deposits, declaring that the banks in the country are safe.

CBN also disclosed that it has no plan to revoke more banking licenses as being speculated.

In a chat with some newsmen on Monday, the apex bank’s Acting Director of Corporate Communications Department, Mrs. Hakama Sidi Ali, faulted the claims in certain quarters that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks, following the revocation of the Heritage Bank’s license.

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She clarified that a circular issued by the CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was currently being circulated as though it was issued on June 10, 2024.

Mrs. Sidi Ali emphasised that the Heritage Bank’s case was isolated, adding that the allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications aimed at creating panic within the system.

She said customers, particularly those of Heritage Bank, need not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.

Mrs. Sidi Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the CBN Governor, Olayemi Cardoso that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she added.

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