June 13, 2024

The Central Bank of Nigeria (CBN) has  reassured members of the public of the safety of their deposits, saying the banking system remains resilient despite economic challenges.

The assurance comes on the heels of some reports doubting the stability of some Nigerian banks following the liquidation of Heritage Bank.

The apex bank’s Acting Director of the Corporate Communications Department, Hakama Sidi Ali, yesterday faulted the claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema and Unity banks.

She also notified the public that the circular announcing the dissolution of the boards of Union, Keystone and Polaris banks is currently being circulated as though it was issued on June 10, 2024.

In a chat with newsmen, Sidi Ali emphasised that Heritage was an isolated case, adding that reports of more revocation of licences 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 as the Nigeria Deposit Insurance Corporation (NDIC) has commenced payment to the bank’s insured depositors.

Sidi Ali, therefore, urged the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific deposit money banks.

She confirmed that the CBN, with its robust regulatory framework, will proactively ensure the stability of Nigeria’s financial system, thus guaranteeing the safety of depositors’ funds.

She reiterated the assurances of the CBN Governor, Olayemi Cardoso, that the recapitalisation of banks was intended to bolster the banking system and safeguard the sector against risks and urged all stakeholders to cooperate in ensuring the success of the process for the overall growth of the 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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