The Central Financial institution of Nigeria has affirmed the security of funds in Nigerian banks, emphasising the soundness of the nation’s banking sector.

The apex financial institution subsequently suggested the general public to proceed with their common banking actions with out succumbing to the alarm brought on by unverified experiences not originating from the CBN regarding the well being standing of Nigerian banks.

The CBN acknowledged that it’s totally outfitted to hold out its statutory responsibility of upholding a steady monetary system in Nigeria.

In a press release issued by the appearing Director, Company Communications, Hakama Sidi-Ali, on Wednesday, the apex financial institution stated, “The Central Financial institution of Nigeria (CBN) has seen experiences, in sure media retailers, a couple of suggestion for the Federal Authorities to take over some CBN-supervised monetary establishments.

“For the avoidance of doubt, Nigerian banks stay protected and sound. The CBN encourages the general public to proceed their common actions with out being alarmed by experiences that haven’t emanated from the CBN concerning the well being standing of Nigerian banks.

“The CBN is totally outfitted to hold out its statutory responsibility of upholding a steady monetary system in Nigeria.

“We guarantee most of the people and depositors concerning the security of their funds in Nigerian monetary establishments.

“Financial institution clients are subsequently suggested to proceed with their banking transactions as typical, as there isn’t a trigger for concern.”

The clarification comes after the report by the CBN’s particular investigator, Jim Obazee, that the embattled former governor of the apex Financial institution, Godwin Emefiele, used proxies, to arrange two monetary establishments.

The report fuelled speculations that the CBN could take over Titan Belief Financial institution (former Union Financial institution) and Keystone Financial institution.

Obazee, appointed particular investigator in July 2023, submitted his remaining report tagged, ‘Report of the Particular Investigation on CBN and Associated Entities (Chargeable offences) to the Presidency on December 20, 2023.