CBN Reassures Public on Banking Sector Stability




The Central Bank of Nigeria has reassured members of the public on the stability of the banking sector.

The apex bank said in a statement signed by Hakama Sidi Ali (Mrs.),
Ag. Director, Corporate Communications that 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 Alli stated that these mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.

"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 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," the statement read.

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