The Central Bank of Nigeria (CBN) has moved to allay fears over the health of the country’s banking sector, describing recent media and social media reports alleging instability in one of its regulated financial institutions as “misleading” and unfounded.
In a statement released over the weekend, the apex bank reaffirmed that Nigeria’s banking system remains “resilient, safe, and sound,” despite the speculative nature of the reports.
Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized that the institution mentioned in the reports is operating in full compliance with regulatory standards and that there is no threat to 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,” Sidi Ali said. “These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.”
She urged the public to disregard sensational claims and rely solely on verified information from official CBN channels.
The central bank reiterated its commitment to ensuring financial system stability and pledged to continually refine its oversight strategies to safeguard the interests of depositors and stakeholders.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds,” the statement concluded.
The clarification comes amid growing concern over the health of some financial institutions, further amplified by speculation on social media. The CBN’s swift response is seen as a bid to maintain public confidence and avert panic in the sector.
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