by NIyi JACOBS
The Central Bank of Nigeria (CBN) has debunked reports circulating in sections of the media and across social platforms suggesting instability in the operations of a regulated financial institution, describing such claims as misleading and unfounded.
In a statement released on Sunday, the apex bank assured Nigerians, depositors, and stakeholders that the country’s banking sector remains resilient, safe, and sound. It emphasized that all regulated financial institutions are subject to stringent regulatory standards designed to safeguard depositors’ funds and maintain the overall health of the financial system.
“The Central Bank wishes to categorically reassure the public that there is no cause for concern. The institution referenced in the reports is under full regulatory oversight and meets all prudential requirements,” the statement read.
The CBN further explained that it operates robust frameworks for early warning signals and risk-based supervision, which enable it to identify and respond swiftly to any emerging risks within the banking system.
“These mechanisms ensure that any potential issues are promptly addressed to preserve the integrity of the financial system,” the Bank added.
The apex regulator urged Nigerians to disregard unverified and sensational claims, stressing that only official communication channels should be trusted for accurate information regarding financial institutions.
“The CBN remains dedicated to fostering a secure and stable banking environment where depositors can have full confidence in the safety of their funds,” the statement concluded.
The reassurance from the CBN comes at a time of heightened sensitivity to banking sector rumours, reinforcing its role as a stabilizing force in Nigeria’s financial landscape.
