No existing Nigerian bank’ll collapse —CBN

Central Bank of Nigeria,CBN, weekend allayed the fears of Nigerians on possible collapse of some commercial banks in the country.

It declared that none of the existing banks in the country can collapse.

The Banks’ Director, Corporate Communications Department, Ibrahim Mu’azu said the CBN has put machinery in motion for the sustenance of all the commercial banks in the country.

Mu’azu spoke through Mr. Babatunde Ogunlaja, an Assistant Director in the Bank.

He spoke at a sensitization forum organized for bankers and bank customers in Akure, the Ondo state capital.

He said all the existing banks in the country are reliable and they can stand the test of time, hence the need for Nigerians to have confidence and trust in them.

The Apex bank also advocated for the adoption of a cashless policy in the country as it operates in advanced nations of the world.

Muazu cautioned people against keeping money at home, said there are lots of dangers in keeping money at home and urged Nigerians to patronize the commercial banks for the safety of their money.

He said that the CBN has embarked on intensive enlightenment campaign on the newly introduced cashless policy and advised all Nigerians to embrace the policy in their own interest, saying the policy would guarantee their convenience.

The CBN boss noted that many advanced countries of the world have adopted the cashless policy.

“It is in the interest of Nigerians that the new policy was introduced, because this will allow foster confidence in their financial transactions.”

Mu’azu noted that the CBN has earmarked huge sums of money to be given as loans to small and medium scale entrepreneurs in the country and advised Nigerians to avail themselves of the opportunity.