The Central Bank of Nigeria (CBN) has denied social media and online reports suggesting that one of the banks under its regulation is facing distress. In a statement released on Monday, May 20, 2025, and signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, the apex bank described the report as false, misleading, and capable of causing unnecessary panic among bank customers and investors.
According to the CBN, there is no truth in the claim that any Nigerian bank is in distress. The apex bank said the country’s banking sector remains safe, sound, and resilient. The statement reassured the public, depositors, and stakeholders that there is no need to worry about the safety of their money in Nigerian banks.
Although the bank that was allegedly in trouble was not named in the report or the CBN’s statement, the regulator made it clear that all commercial, merchant, and microfinance banks in the country are regularly monitored and follow strict regulatory guidelines. The CBN added that the Nigerian banking sector is under strong supervision and that there are proper checks and systems in place to detect and deal with any problems early before they get out of hand.
Mrs Hakama Sidi-Ali said the CBN has what is called a “risk-based supervisory framework” and “early warning systems” that help it identify financial institutions that may be showing signs of weakness. She said these tools help the bank take quick action when needed to protect depositors and maintain trust in the financial system.
In her words, “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.” She also said that Nigerians should only rely on official CBN announcements and ignore false claims on social media or unverified blogs.
The CBN said the spread of fake news could destabilise the financial system and hurt public trust in banks. The apex bank warned that such unverified reports can lead to unnecessary fear, panic withdrawals, and wider damage to the economy.
Though the central bank did not say whether the reports were about a bank’s liquidity, solvency, or internal mismanagement, financial analysts believe the quick reaction from the CBN shows how sensitive the current environment is, especially as the country is going through a banking sector reform and recapitalisation process.
Recall that the CBN under Governor Olayemi Cardoso had earlier announced a recapitalisation plan requiring banks to raise their capital base in line with the current value of the naira and rising inflation. The apex bank is also working with banks on corporate governance improvements, internal risk control, and better customer service delivery.
The statement concluded by saying the CBN remains committed to protecting the banking system and will continue to ensure a stable environment where people can save, invest, and carry out transactions with full confidence. It said the interest of Nigerians and the stability of the financial sector remain top priorities.
The CBN’s reassurance comes at a time when confidence in Nigeria’s economy is gradually picking up following major reforms, including the unification of the foreign exchange window, fuel subsidy removal, and tighter monetary policies. Investors, both local and international, are closely watching the financial sector to see how these changes will impact growth, stability, and business performance going forward.
