Nigeria’s banking system safe, sound –CBN

Amid swirling concerns over the economy, the Central Bank of Nigeria (CBN) has offered firm reassurance on the health of the nation’s financial system, declaring that Nigeria’s banking sector remains safe, sound and resilient, anchored by robust capital buffers and strong regulatory oversight.

Spokesperson of the apex bank, Mrs Hakama Sidi-Ali, in a statement on Monday, said there was cause for alarm as the banking sector, looks other regulated institutions, is held to stringent regulatory requirements, adding that 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”, she said.