Skip to content Skip to footer

The Central Bank of Nigeria 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, June 10, in Abuja.

Sidi-Ali’s said these in response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation.


She 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.

“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.

She said that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors, and that bank customers, particularly those of Heritage Bank, need not worry about the safety of their deposits.

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.

Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system

Show CommentsClose Comments

Leave a comment