The Central Bank of Nigeria (CBN) has reiterated the stability of funds within Nigerian banks, emphasizing the robustness of the nation’s banking sector.

The apex bank, through its acting Director of Corporate Communications, Hakama Sidi-Ali, issued a statement on Wednesday, assuring the public of the safety of their funds and encouraging them to continue their normal banking activities.

ALSO READ: CBN issues warning on counterfeit notes amid ongoing naira scarcity

Addressing concerns raised by unverified reports circulating in some media outlets, the CBN dismissed recommendations for the Federal Government to take control of certain financial institutions under its supervision.

The central bank emphasized that these reports, not originating from the CBN, should not cause undue alarm among the public.

The statement declared the CBN’s full readiness to fulfill its statutory responsibility of maintaining a stable financial system in Nigeria.

It specifically addressed recent speculation arising from a report by the CBN’s special investigator, Jim Obazee.

The investigator had claimed that the former governor of the CBN, Godwin Emefiele, utilized proxies to establish two financial institutions, leading to concerns about a potential takeover of Titan Trust Bank (formerly Union Bank) and Keystone Bank.

In response, the CBN clarified that Nigerian banks remain secure and sound, urging bank customers to conduct their transactions as usual without any apprehension.

The central bank assured the general public and depositors about the safety of their funds in Nigerian financial institutions.

ALSO READ: World bank urges Nigeria to reduce government borrowing from CBN

The clarification aims to dispel any uncertainties stemming from the report by Jim Obazee, who submitted his final investigation report, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ to the Presidency on December 20, 2023.

The CBN’s statement seeks to maintain confidence in the stability of the country’s financial sector and ensure that the public continues to engage in regular banking activities without fear.