The Central Bank of Nigeria (CBN) has reaffirmed its commitment to financial system stability, and safety of depositor funds. In an official statement, the CBN said it recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.
The Apex Bank said it ensures that banks adhere to established regulations and best practices to maintain the integrity of Nigeria’s financial system.
It explained that regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that financial institutions are resilient.
In addition, the CBN said it has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system, the CBN added.
“This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector”.
The CBN added that the authority has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally”, the statement reads.
The banking sector regulator said it remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.
It reveals plan to continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system. # All Deposits in Nigerian Banks Are Secure –CBN