No Cause for Alarm, Nigerian Banks Remain Stable—CBN

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has reassured depositors in the country that the banking sector remains stable and there is no need to panic.

The banking industry watchdog is reacting to speculations that one of the lenders in the country, Fidelity Bank Plc, may have issues after news report that the Supreme Court has ordered it to pay a company the sum of N225 billion.

Due to the panic generated by the report, the CBN issued a statement signed by its acting Director of Corporate Communications, Mrs Hakama Sidi Ali, allaying fears of depositors.

“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,” the statement said.