Should we worry when CBN Says “Nigerian Banks Are Strong”?


Why should the Central Bank of Nigeria (CBN) or any Central bank of a country for that matter begin to assure its customers that all is well? Isn’t that a clue or sign that all is really not that well? Must it be obvious to the naked eyes before we (bank account holders) begin to take action? What action are we expected to take in the eventuality that all is not well with banks in Nigeria? Who are the banks insured with? Will the Federal government of Nigeria bail out banks as it has bailed out state governments unable to pay salaries? All these questions and much more need to be asked. – Jide Salu

Read the worrisome story below


The Central Bank of Nigeria (CBN) has assured customers of deposit money banks and stakeholders that the banking industry remains strong.

It reiterated that  it would not allow the system to be used as a conduit for illicit transactions. The CBN’s statement comes against the backdrop of the recent spate of investigations and arrests of some bank officials by the anti-graft agency, the Economic and Financial crimes Commission.

In the statement, by the Acting Director of Communication of the CBN, Mr Isaac Okoroafor, said that the bank would carry out its own special investigations to determine the accuracy of some of the allegations.

Mr Okoroafor said that the apex bank would determine the extent and the persons that may be involved in such activities.



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