Nigeria's central bank has sought to assure depositors of the financial health of local banks amid claims on liquidity issues.
It follows local reports of a recommendation by the bank's special investigator for the government to take over some banks over alleged concerns surrounding their stability.
"For the avoidance of doubt, Nigerian banks remain safe and sound," Central Bank of Nigeria (CBN) said in a statement on Wednesday.
President Bola Tinubu promised a "thorough house cleaning" of monetary policy at his May inauguration. He sacked the central bank Governor Godwin Emefiele in June and appointed Olayemi Cardoso as his replacement.
No cause for concern
The central bank said there was no cause for concern on the stability of the financial system and urged bank customers to continue with their banking transactions as usual.
"We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.
"The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks," the central bank added.
There have been cash shortages in Nigeria since February when the central bank introduced newly redesigned currency notes just before the country's elections.
The old currency notes rapidly disappeared and the new ones were scarce in circulation.
Last month, the Nigerian Supreme Court ruled that old banknotes should be indefinitely used in the country as legal tender.
