The Central Bank of Nigeria (CBN) has stepped in to calm fears over possible bank takeovers, assuring the public that their money is safe while kicking off a campaign against Naira abuse in Kano State.
The financial regulator released a statement on Wednesday to clear the air following unverified rumors that the Federal Government was planning to take over some commercial banks.
The fear ignited after an investigator, Jim Obazee, published a report alleging that former CBN Governor Godwin Emefiele used proxies to acquire Union Bank, Titan Trust Bank, and Keystone Bank without proper proof of payment.
The CBN through its acting Director of Corporate Communications, Hakama Sidi-Ali, responded to the claim by assuring depositors that the financial system remains strong, advising Nigerians to ignore rumors that do not come officially from the central bank.
She urged customers to go about their regular banking transactions without fear, stressing that the CBN is fully equipped to keep the system stable.
Meanwhile, the apex bank is tackling poor handling of physical currency in Kano State. In Kano State, the CBN has launched a sensitization program in major markets to teach traders how to handle cash properly.
The campaign started at Galadima Market, where Ibrahim Yahya, a representative from the Currency and Operations Department of the CBN, explained to the public that printing new money to replace torn, stained, or crumpled notes is costing the government too much money.
“By handling naira carefully, we are extending the lifespan of that naira and, by extension, saving a lot of money in terms of replacement,” Yahya explained.
He reminded citizens that the Naira is a symbol of national pride and must be treated with dignity.
The CBN plan to expand the campaign to other major trading centers in Kano, including Sabon Gari, Yankaba Market, Tarauni Market, Yan Lemo, and Dawanau International Grains Market.
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