The Central Bank of Nigeria (CBN) has reassured Nigerians that the country’s banking sector remains stable, resilient, and secure, despite recent reports raising concerns about a regulated financial institution.
In a statement signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the apex bank addressed what it described as misleading information circulating in certain publications and on social media platforms.
According to the statement: “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.”
The CBN went on to stress that the Nigerian banking industry is not only stable but also operates under stringent regulatory standards designed to protect depositors and the broader financial system.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.”
To maintain this stability, the CBN said it employs advanced monitoring mechanisms and risk-based oversight tools.
“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision.”
“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.”
The central bank also advised the public to seek information from official sources and avoid unverified claims that may cause unnecessary panic.
“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.”
Reaffirming its commitment to safeguarding the financial ecosystem, the CBN concluded:
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”
