CBN Reassures Public on Banking Sector Stability
Oru Leonard
The Central Bank of Nigeria (CBN), has issued a statement reassuring the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. This assurance comes in response to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.
According a press release made available to News Dot Africa and signed by the Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.) on Friday, the CBN affirms that all deposits in Nigerian banks are secure, and there is no cause for concern regarding the safety of depositors’ funds.
The institution referenced in the reports is held to stringent regulatory requirements, ensuring the integrity of the financial system.
The CBN continues to monitor all financial institutions under its regulatory purview, maintaining robust frameworks for early warning signals and risk-based supervision.
The apex bank urges the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.¹ ²
Measures in place include:
- Regular Stress Testing are Conducted to identify potential vulnerabilities and ensure financial institutions are resilient.
- Early Warning Systems implemented to proactively detect and address emerging risks, allowing for timely solutions.
- Risk-Based Supervision: Focuses regulatory efforts on institutions that may pose the highest risk to 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 the financial system.
