Back to Africa Check

Nigerian central bank dismisses online claims of instability in banking sector

IN SHORT:  The country's banking system has been in the spotlight for months, including for the arrest of its top banker in 2023. But claims on social media that deposits are at risk are false, the banking regulator said.

“If you have money in any Nigerian banks, please use it for an investment, because it's not safe.” This is the claim in a Facebook post published in January 2024. 

The same claim appeared on the platform here, here, here and here.

The Central Bank of Nigeria (CBN) has been in the headlines for months. In June 2023, president Bola Tinubu suspended its governor, Godwin Emefiele.

In August, Emefiele was arrested and charged with procurement fraud. He was released on bail.  

According to media reports in December, Jim Obazee, a special investigator probing the central bank, reported to Tinubu that Emefiele had acquired some commercial banks with ill-gotten wealth. 

Nigeria's central bank removed the board members of the affected banks in early January 2024 and appointed new ones.

But is there any credence to the claim about deposits?

NigeriaBanking_False

‘Our banking system remains strong and resilient”

On 27 December 2023, the central bank sought to reassure customers of the affected banks through a statement on its social media handles.

The banking regulator urged individuals to continue doing business without hesitation, saying “Nigerian banks remain safe and sound”.

In a separate statement on 10 January 2024, it said: “The CBN assures the public of the safety and security of depositors’ funds … Our Banking system remains strong and resilient.”

The central bank added that it was committed to maintaining a sound and robust financial system.

Republish our content for free

Please complete this form to receive the HTML sharing code.

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.