CBN reassures public of stability in banking sector

The Central Bank of Nigeria (CBN) has once again assured the public of the strength, resilience, and stability of the nation’s banking system.

In response to misleading information circulating across social media and other platforms, the apex bank urged Nigerians to ignore such reports.

In a statement released Monday night by the CBN’s director of corporate communications, Mrs. Hakama Sidi, the bank addressed concerns raised by certain false publications about the operations of a licensed financial institution.

“The Nigerian banking sector remains resilient, safe, and sound,” the statement emphasised. “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 CBN highlighted that all financial institutions under its jurisdiction are subject to rigorous oversight, supported by early warning systems and a risk-based supervisory framework designed to identify and mitigate threats to the system’s stability.

It further explained that these mechanisms are actively used to manage and resolve emerging issues swiftly, thereby preserving the integrity of the financial sector.

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

Reiterating its dedication to safeguarding the banking environment, the Central Bank pledged to continue enhancing its regulatory strategies to ensure depositors’ funds remain safe and the interests of all Nigerians and stakeholders are well protected.