The Central Bank of Nigeria (CBN) has urged Nigerians not to panic, emphasizing that it has implemented policies to secure all deposits in financial institutions nationwide.
In a statement released by the Acting Director of Corporate Communications, Hakama Ali, the CBN reaffirmed its dedication to maintaining the stability and reliability of the Nigerian financial system.
This reassurance follows recent alarm across the country, where customers of certain banks were advised to withdraw their deposits due to the withdrawal of those banks’ licenses by the CBN.
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The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“In addition, the CBN 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. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”
Additionally, the CBN announced that it has established Memoranda of Understanding with the countries where Nigerian banks have subsidiaries.
“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 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,” the statement added.
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