Victor EzejaThe Central Bank of Nigeria (CBN) has reassured that it is fully committed to ensuring the stability and reliability of the Nigerian financial system.
The CBN in a statement released Tuesday, 8th October, signed by its Acting Director, Corporate, Communications, Hakama Sidi Ali, assured the public that the financial system is stable and funds by depositors are safe.
Join our WhatsApp ChannelThe statement said: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
“The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.”
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The apex said it ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
It explained that regular stress testing is conducted to identify potential vulnerabilities, while helping to ensure that the financial institutions are resilient.
The statement further disclosed that the CBN has implemented Early Warning Systems solutions to “proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.”
The CBN said it has a risk-based approach that centres on supervising and ensuring that its regulatory efforts focuses 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,” the emphasised.
“Furthermore, the CBN 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 CBN added that it remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.
The banks regulator said it will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
