The Central Bank of Nigeria (CBN) has once again reassured Nigerians that there is no need to panic because it has implemented policies that will ensure all funds deposited in financial institutions nationwide are secure.
The apex bank assured Nigerians in a statement by the Acting Director, Corporate Communications, Hakama Ali, on Tuesday in Abuja.
Ali reiterated CBN’s commitment to ensuring the stability and dependability of the Nigerian financial system. This comes amid an uproar across the country on Monday, with warnings for customers of specific banks to promptly withdraw their deposits due to the withdrawal of licenses 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.
