Amid widespread panic following unverified reports of potential bank closures, the Central Bank of Nigeria (CBN) has moved swiftly to reassure the public that all funds deposited in Nigerian financial institutions are secure. In a statement released on Tuesday, the CBN’s Acting Director of Corporate Communications, Hakama Ali, emphasized the bank’s commitment to safeguarding the financial system and protecting depositors’ interests.
The reassurance from the CBN came after Monday’s widespread rumors that urged customers to immediately withdraw their funds from specific banks, including Fidelity, Polaris, Wema, and Unity Banks. These rumors claimed that the CBN had revoked the licenses of these financial institutions, triggering nationwide concerns. However, the CBN promptly debunked these claims, clarifying that no such action had been taken and that there was no need for alarm.
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“The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system,” the statement read. Ali further highlighted that the bank conducts regular stress tests to assess the resilience of financial institutions and to detect potential vulnerabilities early on. These measures, the statement assured, help guarantee the continued stability of the banking sector.
To further reassure Nigerians, the CBN outlined the systems it has in place to prevent crises in the financial sector. Among these is the Early Warning System, which allows the CBN to proactively identify and address emerging risks before they escalate into significant problems. This system, combined with the CBN’s Risk-Based Supervision approach, enables the bank to focus regulatory attention on institutions that pose the highest risks, thereby promoting overall stability.
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In the wake of these reassurances, the CBN reiterated that no depositor has lost funds in any Nigerian bank under its supervision, reinforcing the institution’s long-standing commitment to safeguarding the interests of depositors across the country. The apex bank also urged the public to disregard false information circulating online and rely solely on official channels for updates regarding the financial system.
