Governor of Central Bank, Yemi Cardoso

The Central Bank of Nigeria CBN, has assured the general public including the local and global banking community that the country’s financial sector is as solid and stable as ever and therefore urged them to ignore rumours and speculations to the contrary.

The acting Director, Corporate Communications, Mrs. Hakama Sidi Ali in a statement dated May 19, 2025, also urged the public to ignore certain publications, especially on the social media containing misleading information regarding the operations of a regulated financial institution, describing such reports as totally false and unfounded.

The apex bank therefore urged the public, including depositors, investors and other stakeholders to disregard such misleading and false reports, assuring that the country’s banking sector remains resilient, safe and sound.

It also assured that it is more than ever committed to ensuring continued monitoring and regulation of the financial institutions in the country with a view to detecting early warning signals and ensuring that same are promptly addressed towards protecting the integrity of Nigeria’s financial system.

According to the statement: “The attention of the Central Bank of Nigeria CBN has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.

“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.

“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. 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.

“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.”