The Central Bank of Nigeria (CBN) has reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
The CBN recognises confidence’s crucial role in banking operations and affirms that all deposits in Nigerian banks are secure.
The CBN actively ensures that banks adhere to established regulations and best practices
to maintain the integrity of our financial system.
The apex bank said regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that the financial institutions are resilient.
In addition, it stated that the CBN 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 focuses 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.
Furthermore, the CBN has established a Memoranda of Understanding (MoU) with the various countries where Nigerian banks’ subsidiaries are located.
This collaboration enhances regulatory coordination and ensures that the banks operate within a safe and sound
framework in accordance with banking regulations, both domestically and internationally.
Hakama Sidi Ali (Mrs.) Ag. Director, Corporate Communications of the CBN said in a statement on Tuesday that the CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.
“It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” she added.
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