Abuja, Oct. 9, 2024 – The Central Bank of Nigeria (CBN) has reassured Nigerians of the safety of the naira and the financial system.
The apex bank gave this reassurance in a statement on Tuesday against the recent concerns about the safety of Nigerian financial system.
It gave its reassurance in a statement by its Director, Corporate Communication Department, Hakama Sidi Ali, and titled: “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,
“The 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.
“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.”
“This enhances the central bank’s cross-border regulatory coordination, ensuring that Nigerian financial institutions maintain safety and soundness across international operations.
“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.” (GBN)
