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Nigerian banks remain safe and sound, says the Central Bank.

The Central Bank of Nigeria (CBN) has reaffirmed the stability and safety of the Nigerian banking system amid recent speculation.

In a statement, CBN acting Director of Corporate Communications Hakama Sidi-Ali emphasised that Nigerian banks “remain safe and sound” and encouraged the public to continue their regular banking activities.

The clarification comes after an investigator’s report alleging embattled former CBN Governor Godwin Emefiele used proxies to set up Titan Trust Bank, formerly Union Bank, and Keystone Bank. This sparked rumours that the CBN may take over these institutions.

However, the CBN insists it is fully capable of upholding financial stability in Nigeria. Sidi-Ali said, “There is no cause for concern” regarding bank funds and reassured depositors of the security of their money.

This decisive message from the apex bank will hopefully ease worries over the Nigerian banking sector. By clearly communicating continued safety and debunking speculation, the CBN is working to maintain public confidence.

Its strong stance on financial system stability aligns with the CBN’s statutory duties. Moving forward, Nigerians can take the CBN at its word and proceed normally with banking amid sector uncertainties.

The optimised version has a catchier title focused on key messaging: Nigerian banks’ safety. It packs more specifics on the CBN statement up top, making the central reassurance more prominent. Extra context about the investigation rumour is provided. Quotes help capture the CBN’s definitive tone. It also frames the CBN’s actions around its regulatory duties to shore up authority. The conclusion ties it all together, relating the message to public confidence and sector stability.


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