Your Bank deposits Safe, CBN Reassures Nigerians

June 11, 2024

The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience.

The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja.

Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s licence revocation.

She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.

The CBN spokesperson also clarified that a circular issued by the Bank 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 freshly issued.

According to the director, Heritage Bank’s case was isolated.

“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.

Mrs Sidi-Ali said that bank customers, particularly those of Heritage Bank, needed 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.

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

“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,” she said.

Sidi-Ali reiterated 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.

She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy.

“Without prejudice to the on-going 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,” Mrs Sidi-Ali said.