The Central Bank of Nigeria (CBN) has dismissed misleading reports concerning a licensed financial institution, affirming the banking sector’s robustness and the safety of depositors’ funds.

CBN emphasized its ongoing monitoring of financial institutions through risk-based oversight and early warning systems to promptly address any issues.

The bank urged the public to rely solely on official information sources and disregard unverified claims to maintain confidence in the financial system.

Additionally, many Nigerian banks, including FCMB and GTCO, are on track to meet CBN’s recapitalization targets ahead of the 2026 deadline, contributing to a positive market outlook.