The Central Bank of Nigeria (CBN) has moved to reassure the public that all deposits in the country’s banking institutions are safe. This statement was made in response to widespread rumors claiming that some banks were at risk of having their licenses revoked, prompting fears of potential financial instability.
On Tuesday, the CBN’s Acting Director of Corporate Communications, Hakama Ali, addressed the situation, emphasizing the central bank’s commitment to maintaining a strong and resilient financial system. Ali highlighted the various measures the CBN has in place to ensure that banks operate in a safe and regulated environment.
The rumors, which began circulating on Monday, advised customers of certain banks to withdraw their funds immediately, alleging that the CBN had revoked the licenses of these banks. These claims sparked panic and uncertainty, leading to numerous concerns from the public about the safety of their deposits. However, the CBN has categorically denied these claims, describing them as false.
The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.
“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
“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.”
