CBN assures public of banking sector stability, dismisses rumour

The Central Bank of Nigeria (CBN) on Monday dismissed reports suggesting distress in a regulated financial institution, describing the claims as misleading and capable of triggering unnecessary panic in the financial system.

In a press statement signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank assured Nigerians that the country’s banking sector remains “resilient, safe, and sound.”

The clarification follows what the CBN described as “certain publications and social media reports”, that raised concerns over the operations of an unnamed financial institution under its regulatory supervision.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” the statement read.

While it did not name the institution in question, the CBN stressed that all licensed banks are subjected to “stringent regulatory requirements,” adding that there is “no cause for concern regarding the safety of depositors’ funds.”

The Bank further noted that it maintains a robust risk-based supervisory framework and early warning systems to detect and address vulnerabilities before they escalate.

“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,” the statement stressed.

“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system,” it added.

The CBN urged the public to disregard unverified claims circulating online and instead rely on official communication channels for accurate updates about Nigeria’s financial system.

The statement reiterated the CBN’s commitment to “fostering a secure banking environment where depositors can be fully confident in the safety of their funds.”

Though the CBN did not state whether the reports pertained to solvency, liquidity concerns, or internal mismanagement, the swift response suggests growing sensitivity to reputational risks that could undermine public confidence in the sector.