November 4, 2024
CBN Assures Nigerians of Deposits Safety, reveals MoU with Foreign Regulators
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CBN Assures Nigerians of Deposits Safety, reveals MoU with Foreign Regulators

CBN Assures Nigerians of Deposits Safety, reveals MoU with Foreign Regulators
CBN Assures Nigerians of Deposits Safety, reveals MoU with Foreign Regulators

The Central Bank of Nigeria (CBN) has reassured the public not to panic, stressing that it has implemented measures to safeguard all deposits held in financial institutions nationwide. 

In a statement released by Hakama Ali, the Acting Director of Corporate Communications, the CBN affirmed its commitment to maintaining the stability and integrity of the Nigerian financial system, adding that the bank remains focused on ensuring public confidence and security within the country’s banking infrastructure.

The development comes following speculations across the country on Monday, warning customers of certain banks to immediately withdraw their deposits, as the licences of those banks had been withdrawn by the CBN.

Also Read: Kenyan MPs Set to Vote on Impeachment of Deputy President Gachagua Amid Corruption Allegations 

The apex bank, while calling for calm, also disclosed that it has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located in order to ensure that Nigerian banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

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