The Central Bank of Nigeria (CBN) has reaffirmed its unwavering commitment to the safety and stability of the Nigerian financial system.
This assurance was contained in a statement issued on Tuesday by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali.
The apex bank said, it recognises the crucial role that confidence plays in banking operations, therefore, affirmed that all deposits in Nigerian banks are secure.
CBN explained that it actively ensures that banks adhere to established regulations and best practices to maintain the integrity of the nation’s financial system.
“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient,” it added.
In addition, it said, it has implemented early warning systems that proactively detect and address emerging risks, allowing it to provide timely solutions to any foreseen issues.
“The bank’s approach to risk-based supervision ensures that it focusses its regulatory efforts on institutions that may pose the highest risk to the financial system.
“This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector,” CBN noted.
It said, it has also 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,” it added.
While stating that it remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds, CBN pledges to continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in the nation’s financial system.
