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CBN Reassures Nigerians of the Safety of Their Bank Deposits

The Central Bank of Nigeria (CBN) has once again assured Nigerians of the safety of their bank deposits, reiterating the resilience of the banking system in the country. This assurance comes after concerns were raised about the stability of some Nigerian banks following the revocation of Heritage Bank Plc’s license.

Acting Director of Corporate Communications at CBN, Mrs. Hakama Sidi-Ali, clarified that the license revocation of Heritage Bank was an isolated case and that there are no plans to revoke the operating licenses of Fidelity, Polaris, Wema, and Unity Banks. She also explained that a circular issued on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks was being circulated as a fresh news, which is not the case.

Sidi-Ali stated that customers, especially those of Heritage Bank, should not worry about the safety of their deposits. She added that the Nigeria Deposit Insurance Corporation (NDIC) has started paying insured depositors of Heritage Bank. She urged the public to continue their regular banking activities without fear, dismissing false reports about the health of specific Deposit Money Banks.

According to Sidi-Ali, the CBN’s robust regulatory framework ensures the stability of Nigeria’s financial system, guaranteeing the safety of depositors’ funds in all Nigerian financial institutions. She reiterated the assurances of the CBN Governor, Olayemi Cardoso, that the recapitalization of banks in Nigeria aims to strengthen the banking system and safeguard it against risks.

The CBN urged all stakeholders to cooperate in ensuring the success of the recapitalization process, which will contribute to the overall growth of the Nigerian economy. Sidi-Ali emphasized that the Nigerian banking industry remains resilient, with key financial soundness indicators within current regulatory thresholds.

 

 

 

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