CBN REASSURES SAFETY OF DEPOSITORS’ FUNDS
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The Central Bank of Nigeria (CBN) has once again reassured the banking public about the security of their deposits and the resilience of the banking system, in response to accusations made in some quarters regarding the soundness of several Nigerian banks following the termination of Heritage Bank Plc’s license.
Hakama Sidi Ali, the Acting Director of the Bank’s Corporate Communications Department, refuted rumours on Monday that the CBN was thinking of cancelling the operating licenses of Fidelity, Polaris, Wema, and Unity Banks, despite what others had said.
She further explained that a circular that the bank released on January 10, 2024, informing the public of the Union, Keystone, and Polaris Banks Boards’ dissolution, is presently being distributed under the false impression that it was published on June 10, 2024.
Sidi Ali stressed in a conversation with reporters that Heritage’s case was unique and that reports of more licenses being revoked before the bank recapitalization process was finished were merely lies meant to incite fear in the system.
Customers should not be concerned about the security of their deposits, she said, especially those of Heritage Bank, because the Nigeria Deposit Insurance Corporation (NDIC) has started paying out benefits to the bank’s insured depositors.
Thus, Sidi Ali advised the public to disregard any misleading information on the state of particular deposit money banks and to carry on with their routine banking operations.
She reaffirmed that the CBN is actively maintaining the stability of Nigeria’s financial system through its strong regulatory framework, safeguarding the security of depositor money in all Nigerian financial institutions.
While restating Governor Olayemi Cardoso’s guarantees that the goal of Nigerian bank recapitalization was to strengthen the banking system and protect the industry from threats,.
Sidi Ali called on all parties involved to work together to make sure the process is successful, pointing out that it will be beneficial to the expansion of the Nigerian economy as a whole.
“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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