CBN Reaffirms Strength Of Nigeria’s Banking Sector, Urges Public To Ignore Sensational Claims.
The Central Bank of Nigeria (CBN) has issued a robust assurance of the stability and resilience of the nation’s banking sector, describing it as “safe and sound” in response to recent misleading reports circulating in the media and on social platforms.
In a statement released by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN addressed concerns sparked by unauthorised publications questioning the operations of a regulated financial institution. The apex bank categorically dismissed these claims as misleading, reaffirming that Nigeria’s banking sector remains strong and well-protected.
“The Central Bank of Nigeria wishes to reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” the statement read. “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.”
Governor Olayemi Cardoso emphasised the CBN’s proactive approach to oversight, noting that the bank employs robust frameworks for risk-based supervision and early warning signals to monitor all financial institutions under its purview. These mechanisms, he stated, ensure that any potential issues are swiftly addressed to maintain the integrity of the financial system.
The CBN urged the public to disregard sensational or unverified claims, advising Nigerians to rely solely on official channels for accurate information about the financial sector. “We remain committed to maintaining a secure banking environment, safeguarding depositors’ funds, and protecting the financial interests of Nigerians and stakeholders,” Mrs. Sidi Ali added.
The statement comes amid a broader effort by the CBN to bolster public confidence in the banking sector, which continues to play a pivotal role in Nigeria’s economic growth. The apex bank’s swift response underscores its dedication to transparency and stability, ensuring that depositors and investors can trust in the security of the nation’s financial system.