CBN Gives Fresh Update to all Bank Users, Read this for Your Money Safety



The Central Bank of Nigeria (CBN) has strongly reassured the public about the safety of their funds in Nigerian banks, emphasizing the soundness and stability of the country’s financial institutions. This comes amidst concerns raised by unverified reports circulating in various media outlets.

In a statement issued on Tuesday, the Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi Ali, highlighted that the central bank remains fully committed to maintaining a stable financial system. The CBN reassured bank customers that their deposits are secure and urged the public to continue their banking activities without fear or panic.

The CBN emphasized that it regularly conducts stress tests on banks to identify any potential vulnerabilities, ensuring that financial institutions remain resilient. In addition, the CBN has implemented Early Warning Systems to detect and address emerging risks in the financial sector. This proactive approach enables the bank to respond swiftly to any issues that may arise, further reinforcing the strength of Nigeria’s banking system.

Mrs. Sidi Ali also stressed that the CBN’s Risk-Based Supervision focuses on institutions that pose the highest risks to the financial system. This allows the central bank to maintain effective oversight while promoting overall banking sector health.

Moreover, the CBN has entered into Memoranda of Understanding (MoUs) with countries where Nigerian banks have subsidiaries. This international collaboration strengthens regulatory coordination, ensuring that Nigerian banks operate within a secure and sound framework both domestically and internationally.

The CBN's statement follows recent unverified claims involving former CBN Governor, Godwin Emefiele, and his alleged use of proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank. The report recommended the Federal Government reverse the sale of these banks, a claim that the CBN has not substantiated.

Despite these allegations, the CBN reiterated its commitment to safeguarding the financial system and maintaining public confidence in Nigerian banks. The apex bank reassured depositors that there is no cause for concern, urging them to disregard unverified reports that have not originated from the CBN.

The statement also addressed a wave of "false" news reports targeting Guaranty Trust Holding Company Plc (GTCO), its financial results, and executive management, further emphasizing the need for the public to rely on accurate information from the CBN.

In conclusion, the CBN remains steadfast in its mission to uphold the stability of Nigeria’s financial system, ensuring that both domestic and international banking operations are conducted safely and soundly.

Comments

Post a Comment

Popular posts from this blog

TRAGEDY: Former Enugu Commissioner, Edoga Kidnapped!

Image
   In a heartbreaking news, the former Commissioner for Lands and former Head of Service in Enugu State, Surv. Barr. Albert Edoga, has been reportedly kidnapped along the Opi Nsukka - Ugwogo Nike Road.  In light of this distressing situation, there are urgent calls for the intervention of security agencies to take swift action to secure his safe release.  Reports confirmed that the incident took place on Friday, 31st January 2025, Edoga is believed to still be in captivity. Agu Chineme: reporting from Enugu More Details loading.... Surv. Barr. Albert Edoga
Read more

BREAKING: World Bank Condemns Tinubu’s Wasteful Spending Amidst Nigeria's Economic Hardship, Advices For Urgent Financial Reforms

Image
The World Bank has raised serious concerns about wasteful spending by the Nigerian government under President Bola Tinubu, describing it as a key contributor to the country's economic woes. In its latest Nigeria Development Update, the global financial institution expressed deep dissatisfaction with the government's financial management, urging greater transparency and accountability. A key area of concern is the administration’s extravagant spending on non-essential items, even as Nigeria grapples with widespread economic challenges. The report highlighted the allocation of billions to luxury purchases, including a staggering N9.2 billion spent on State House vehicles within three months. Another N250 million was reportedly spent on event decorations for the First Lady in just five days, while additional billions went towards renovations, honorariums, and forex acquisitions. Perhaps most alarming was the purchase of a new presidential jet, costing the nation N150 billion, at a...
Read more

Police Clears Air on Viral Video, Urges Public to Remain Calm

Image
The Imo State Police Command has issued an official statement to clarify the misinformation circulating in a viral video that has sparked concern among residents. The video, which shows vehicles set ablaze by individuals allegedly affiliated with the Indigenous People of Biafra (IPOB) and the Eastern Security Network (ESN) while enforcing an unlawful sit-at-home order, is being recirculated across social media platforms. According to the police, this incident, though alarming, is not recent and has been falsely portrayed as a current event. In a press release signed by the Commissioner of Police, CP Aboki Danjuma, and communicated through the state's Police Public Relations Officer, ASP Okoye Henry, the Command revealed that the events shown in the video actually occurred in 2022, not on October 21, 2024, as suggested by the mischief-makers behind its resurgence. “The Imo State Police Command is issuing this statement in response to a recent viral video showing vehicles set ablaze ...
Read more