Nigerian Banks are Safe, Sound – CBN

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Emefiele

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The Central Bank of Nigeria says banks in the country are safe and sound but should not be used for illicit transactions

THE Central Bank of Nigeria, CBN, has assured Nigerians that the banking system is safe and sound despite the ongoing investigations in the sector by the Economic and Financial Crimes Commission, EFCC,

A statement issued by CBN on Monday, May 9, informed all customers of deposit money banks, other stakeholders, and the general public that “it is fully aware and indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities.”

“The CBN is also carrying out its own special examinations and investigations to ascertain the veracity of some allegations, as well as the extent and persons that may be involved in such activities.

“The Bank would like to reiterate that financial system stability remains a priority and therefore assures customers and stakeholders that it would not allow the banking system to be used as a conduit for any illicit transactions.

“Some of these investigations are routine and only relate to isolated transactions, therefore it is important to state that the safety and soundness of the Nigerian banking industry remain strong”, according to the statement signed by Isaac A. Okorafor, acting director, Corporate Communications and made available to Realnews today.

—  May 9, 2016 @ 01:00 GMT

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