*The Central Bank of Nigeria asserts the banking sector regulator remains dedicated to fostering a secure banking environment, assuring consumers of financial products and services it will continue to monitor and adapt strategies to protect the interests of all Nigerians and stakeholders in the financial system

Isola Moses | 绿帽献妻

In affirming that 鈥渁ll deposits鈥� in Nigerian banks are secure, the Central Bank of Nigeria (CBN) has reassured the banking public of its unwavering commitment to ensuring the stability and reliability of the financial system in the West African country.

The CBN, while asserting that the banking sector regulator recognises the crucial role confidence plays in banking operations, has affirmed that all deposits in Nigerian banks remain secure.

Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, who noted this in a statement Tuesday, October 8, 2024, said the Bank 鈥渁ctively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.鈥�

The Acting Director of Corporate Communications emphasised that regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that the Nigerian financial institutions are resilient.

The statement also indicated the CBN has implemented 鈥淓arly Warning Systems鈥� that proactively detect and address emerging risks, enabling the Bankers鈥� Bank to provide timely solutions to any foreseen issues in the country鈥檚 financial ecosystem.

Ali further stated: 鈥淭he Bank鈥檚 approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system.

鈥淭his targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.鈥�

According to the Bank鈥檚 Acting Director of Corporate Communications, the industry regulator has established Memoranda of Understanding (MoUs) with the various countries where Nigerian banks’ subsidiaries are located.

鈥淭his 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.鈥�

Mrs. Ali added: 鈥淭he CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

鈥淚t will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.鈥�