March 25, (THEWILL) — The Central Bank of Nigeria (CBN) has reassured Nigerians that there is no cause for alarm over the ongoing bank recapitalisation exercise, affirming that depositors’ funds remain fully protected as the March 31 deadline for banks to meet new capital requirements approaches.
In a statement addressing growing public concerns, the apex bank clarified that the recapitalisation exercise is a routine regulatory process designed to strengthen banks, enhance their resilience, and ensure the safety of customer deposits—not a signal of distress within the financial system.
The CBN explained that the March 31, 2026 deadline is strictly for banks to comply with regulatory requirements and does not in any way affect customers or their access to funds.
It emphasised that daily banking operations, including withdrawals, transfers, and other services, continue without disruption.
According to the regulator, recapitalisation ultimately benefits customers by creating stronger financial institutions capable of withstanding economic shocks, delivering improved services, and maintaining long-term stability in the banking sector.
The apex bank further stressed that Nigeria’s banking system remains sound, stable, and fully operational, dismissing speculations of any looming crisis.
It noted that the process is being carefully supervised to ensure compliance across the sector while safeguarding the interests of depositors.
Addressing fears about possible increases in banking charges, the CBN clarified that the recapitalisation exercise is not intended to impose additional costs on customers but to reinforce the financial health of banks.
On concerns regarding access to accounts, the bank assured Nigerians that savings and salary accounts remain unaffected, while banking channels such as ATMs, mobile apps, online platforms, and physical branches continue to function normally.
The CBN also debunked widespread misinformation on social media suggesting that banks could freeze customer accounts, describing such claims as false and misleading.
It urged the public to disregard unverified reports and rely only on official communications.
As part of its advisory, the apex bank encouraged customers to verify information through trusted sources, contact their banks via official channels for clarification, and protect sensitive banking details such as PINs, passwords, and one-time passwords.
Reiterating its commitment to financial stability, the CBN assured Nigerians that the recapitalisation initiative is aimed at strengthening the banking sector and enhancing depositor confidence, stressing that “your money remains safe, and banking services continue as usual.”
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
