CBN Reaffirms Stability of Banking Sector Amid Rumours

The Central Bank of Nigeria, CBN, has responded to recent publications and social media posts spreading misleading claims about the operations of a licensed financial institution. 

In a press release by the Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank assured the public that the Nigerian banking sector remains safe, sound, and resilient, emphasizing that all regulated institutions, including the one referenced, are subject to strict regulatory oversight.

CBN reiterated its commitment to maintaining a stable financial environment through continuous monitoring and a robust framework for detecting and addressing risks. The bank highlighted that it employs early warning systems and risk-based supervision to ensure any potential issues within the sector are swiftly managed, thereby preserving the integrity of the financial system.

The public has been urged to ignore sensational or unverified reports and instead rely on official communication channels for accurate information. The CBN reaffirmed its dedication to protecting depositors’ funds and promoting trust and confidence in the Nigerian banking system.

The statement read in full: 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.

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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.

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.

We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system. 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.