Market News

 By : Oluyemi Ogunseyin

The Central Bank of Nigeria (CBN) has reassured the public that the banking sector is stable, and their funds are safe contrary to certain publications and social media reports.

Ag Director, Corporate Communications of the CBN, Hakama Sidi Ali, gave this reassurance in a communique on Monday.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications containing misleading information regarding the operations of a regulated financial institution,” the communique read.

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

Ali said 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.

She added that the apex bank will continue to monitor all financial institutions under its regulatory purview and maintain robust frameworks for early warning signals and risk-based supervision.

Ali stated that 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,” she said.

Ali stated that the CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

She added that the apex bank will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in the country’s financial system.