CBN Assures Public of Banking Sector Stability Amid Misleading Reports
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has moved to calm public concerns following recent media and social media reports alleging instability in a regulated financial institution.
In a statement issued Monday night and signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the apex bank assured Nigerians that the banking sector remains stable, resilient, and well-regulated.
The CBN said it maintains strong regulatory oversight of all financial institutions under its supervision, supported by early warning systems and a robust risk-based supervisory framework designed to promptly identify and address any emerging threats.
“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system,” the statement read.
While not naming the institution involved in the media reports, the CBN affirmed that the financial entity in question is subject to strict regulatory compliance requirements and that there is no reason for depositors to be concerned about the safety of their funds.
“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 CBN said.
The apex bank called on the public to disregard what it described as misleading and sensational information circulating on social media and other unofficial platforms. It urged Nigerians to rely solely on verified communications from the CBN and other regulatory authorities.
“The attention of the Central Bank of Nigeria has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution. We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system,” the statement advised.
In light of recent public anxiety triggered by unconfirmed reports, the CBN reassured stakeholders of its continued vigilance in monitoring the financial system and taking proactive steps to ensure the safety and soundness of all licensed institutions.
“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 apex bank concluded.
The CBN’s response comes at a time when digital platforms are increasingly being used to circulate financial misinformation, sometimes causing panic among depositors and investors. Regulators have repeatedly stressed the importance of verifying information and avoiding knee-jerk reactions based on unconfirmed reports.
The apex bank reiterated its commitment to a stable and trustworthy financial system, which it views as vital to economic stability and investor confidence.
