️ CBN Breaks Silence: Assures Nigerians of a Safe and Sound Banking Sector Amid Online Rumours
Date: May 20, 2025
By: Babajide Komolafe
In response to growing speculation and misleading reports on social media, the Central Bank of Nigeria (CBN) has issued a firm reassurance to the public that Nigeria’s banking sector is stable, resilient, and secure.
The statement, signed by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications, was prompted by recent publications and online narratives questioning the financial health of a certain regulated institution.
Key Highlights from the CBN Statement:
No Cause for Alarm
“The Nigerian banking sector remains resilient, safe, and sound,” the CBN declared, emphasizing that there’s no cause for concern regarding the safety of depositors’ funds.
Misleading Reports Debunked
The apex bank noted that it had been alerted to the circulation of misleading information concerning the operations of a licensed financial institution. It categorically dismissed these claims as false, urging the public not to fall for sensational or unverified content.
Strong Regulatory Oversight
The CBN affirmed its robust risk-based supervision frameworks and early warning signal mechanisms, which allow for prompt intervention whenever needed to maintain financial system stability.
Continued Vigilance
“We continue to monitor all financial institutions under our purview,” the CBN stated, reassuring stakeholders of its unwavering commitment to the integrity of the financial system.
Official Information Only
In a cautionary note, the central bank urged Nigerians to rely only on official CBN communication channels for credible updates, instead of being swayed by speculation and online noise.
Final Assurance:
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.”
Summary:
In essence, this announcement serves as a strong message of confidence from the CBN, reminding all stakeholders—especially depositors—to trust in the soundness of Nigeria’s financial institutions and avoid falling prey to panic-triggering misinformation.
Date: May 20, 2025
By: Babajide Komolafe
In response to growing speculation and misleading reports on social media, the Central Bank of Nigeria (CBN) has issued a firm reassurance to the public that Nigeria’s banking sector is stable, resilient, and secure.
The statement, signed by Hakama Sidi Ali (Mrs.), Acting Director of Corporate Communications, was prompted by recent publications and online narratives questioning the financial health of a certain regulated institution.
Key Highlights from the CBN Statement:
No Cause for Alarm
“The Nigerian banking sector remains resilient, safe, and sound,” the CBN declared, emphasizing that there’s no cause for concern regarding the safety of depositors’ funds.
Misleading Reports Debunked
The apex bank noted that it had been alerted to the circulation of misleading information concerning the operations of a licensed financial institution. It categorically dismissed these claims as false, urging the public not to fall for sensational or unverified content.
Strong Regulatory Oversight
The CBN affirmed its robust risk-based supervision frameworks and early warning signal mechanisms, which allow for prompt intervention whenever needed to maintain financial system stability.
Continued Vigilance
“We continue to monitor all financial institutions under our purview,” the CBN stated, reassuring stakeholders of its unwavering commitment to the integrity of the financial system.
Official Information Only
In a cautionary note, the central bank urged Nigerians to rely only on official CBN communication channels for credible updates, instead of being swayed by speculation and online noise.
Final Assurance:
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.”
Summary:
In essence, this announcement serves as a strong message of confidence from the CBN, reminding all stakeholders—especially depositors—to trust in the soundness of Nigeria’s financial institutions and avoid falling prey to panic-triggering misinformation.