'Your money is safe'-CBN tells depositors

The Central Bank of Nigeria (CBN) has assured depositors that their funds in the banks are safe. The Central Bank said it has noticed reports in certain media outlets about recommending the Federal Government take over some CBN-supervised financial institutions.

“For the avoidance of doubt, Nigerian banks remain safe and sound,” the CBN said in a statement signed by Sidi-Ali Hakama, acting director of corporate communications.

The statement encouraged the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.

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According to the statement, the apex bank is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.

Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern,” the statement reads.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.