Nigeria’s Banking Sector Resilient, Safe, Says CBN
The Central Bank of Nigeria (CBN) on Monday reassured the general public, depositors, and stakeholders that the country’s banking sector remains resilient, safe, and sound despite reported challenges.
The Bank said in a statement by the Acting Director, Corporate Communications Department of the Bank, Hakama Sidi Ali, that it was aware of certain publications in certain newspapers and social media about
certain misleading information regarding the operations of a regulated financial institution in the country.
Although Sidi-Ali did not disclose the name of the bank referenced in the publications, she expressed the CBN’s confidence that the country’s banking sector was stable, safe and sound.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.
“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 stated.
The bank affirmed that it would continue to monitor all financial institutions under its regulatory purview to establish and maintain robust frameworks for early warning signals and risk-based supervision.
These mechanisms, he pointed out, would ensure that any emerging issues were promptly addressed to protect the integrity of the financial system.
While urging the public to disregard sensational or unverified claims and rely solely on official channels for information about 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 our financial
system,” she added.
Nigeria’s Banking Sector Resilient, Safe, Says CBN is first published on The Whistler Newspaper
