Your funds are safe in banks, CBN assures depositors

Date:

December 27, 2023.

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Azonuchechi Chukwu.

The Central Bank of Nigeria (CBN) has assured depositors and customers of Nigerian banks of the safety of their funds in the banks.

The Acting Director, Corporate Communications Department of the CBN, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Wednesday.

According to Sidi-Ali, the assurance was informed by reports about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.

There have been unconfirmed reports by some media outlets about plans by the CBN to take over Titan Trust Bank (former Union Bank) and Keystone Bank.

This is allegedly linked to a report by Mr Jim Obazee, CBN’s special investigator, that former governor of the apex bank, Mr Godwin Emefiele, used his proxies to acquire the two 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,” she said.

She advised bank customers to proceed with their banking transactions as usual, as there was no cause for concern. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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