The Central Bank of Nigeria (CBN), has again assured Nigerians not to panic as it has put in place policies to ensure that all monies deposited in financial institutions across the country are secured.
The apex bank’s Acting Director, Corporate Communications, Hakama Ali, stated this in a statement issued on Tuesday, 8 October, 2024 in Abuja.
Ali reassured the public of CBN’s commitment to ensuring the stability and reliability of the Nigerian financial system.
This is coming in the wake of a fresh uproar across the country on Monday, 7 October, 2024 warning customers of certain banks to immediately withdraw their deposits, as the licences of those banks had been withdrawn by the CBN.
“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,” the statement read.
