CIBN dispels fears, assures public of banking system’s stability

By Opeyemi Abdulsalam

The Chartered Institute of Bankers of Nigeria (CIBN) has moved to calm fears and reassure the public of the stability of the Nigerian banking system.

In a statement by Chairman of CIBN, Prof. Pius Deji Olanrewaju, the Institute dismissed rumors of a mass revocation of bank licenses.

The statement describes the information as false and misleading.

The CIBN emphasised that the banking system is built on strong foundations, with a robust regulatory framework and rigorous supervision in place to protect stakeholders’ interests and maintain financial stability.

The Institute urged the public to continue conducting their banking transactions with confidence, assuring that banks are complying with the Central Bank of Nigeria’s (CBN) directive to recapitalise and enhance their capital base.

“The CIBN, as the professional body for banks and bankers in Nigeria, reaffirmed its commitment to promoting best practices and ensuring the banking sector’s resilience and soundness. The public is advised to remain calm and confident in the banking system’s ability to withstand economic shocks and perform its financial intermediation roles effectively,” he said.