CBN Speaks on Bank Recapitalisation Ahead of March 31 Deadline, Assures Nigerians of Deposit Safety
- The Central Bank of Nigeria says the banking sector remains stable despite recapitalisation concerns
- The CBN confirmed that customer funds are safe and banking services remain unchanged
- The regulator dismissed rumours of account freezes and urged Nigerians to ignore false information
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Central Bank of Nigeria has reassured Nigerians that the country’s banking sector remains stable and secure amid ongoing concerns over the recapitalisation exercise.
In a thread shared on its official X, the apex bank stated that customer deposits are fully protected and that banking operations continue without disruption. It also clarified that the March 31, 2026, deadline for recapitalisation does not pose any risk to customers.
Source: Getty Images
What recapitalisation means
According to the regulator, recapitalisation is a routine process that requires banks to increase their capital base to strengthen their operations.
The CBN explained that the exercise is designed to make banks more resilient, improve their ability to serve customers, and support economic growth.
The bank noted that March 31, 2026, is strictly a deadline for financial institutions to meet regulatory requirements.
It stressed that the timeline does not affect customers, adding that banking services will continue as usual before and after the deadline.
No need to withdraw funds, CBN assures safety
Addressing concerns about the safety of funds, the CBN assured Nigerians that their money remains secure.
It emphasised that customer accounts are unaffected by the recapitalisation process and that all banking services remain operational.
The apex bank advised customers against withdrawing funds or closing their accounts due to misinformation.
It stated that recapitalisation is meant to strengthen banks, not weaken them, and urged the public to remain calm.
Banking sector remains stable
On speculation about a possible crisis, the CBN maintained that the Nigerian banking sector is sound and operating normally.
It also dismissed fears that banks could shut down, noting that the recapitalisation process is being closely supervised to ensure stability across the sector.
The regulator also clarified that the exercise is not intended to increase customer charges.
It reassured customers that recapitalisation is focused on strengthening financial institutions rather than making banking more expensive.
No disruption to banking services
The CBN confirmed that banking operations, including ATMs, mobile apps, online platforms, and branch services, remain unchanged.
Customers can continue to carry out transactions without any interruptions.
Warning against false claims
The bank dismissed reports circulating on social media suggesting that accounts could be frozen, describing such claims as false.
It urged Nigerians to rely only on verified information from official sources and to ignore unverified messages.
The CBN noted that the exercise will result in stronger banks, improved service delivery, better customer protection, and a more stable financial system.
Source: Getty Images
How to report scams and verify information
Customers were advised to report suspicious activities to their bank or the CBN through official channels.
The apex bank also urged Nigerians not to share sensitive information such as PINs, passwords, or OTPs and to confirm any message through verified customer service platforms.
34 banks meet CBN recapitalisation requirements
Legit.ng earlier reported that 34 banks have met the Central Bank of Nigeria recapitalisation thresholds ahead of the March 31 deadline.
Checks show that major lenders with international and national licences have surpassed the capital requirement.
Most banks are expected to qualify, and no major disruption is anticipated across the banking system.
Source: Legit.ng
