Central Bank of Nigeria, CBN, has assured Nigerians of the safety of their deposits in financial institutions across the country. This is even as the apex bank has put in place policies to ensure that all monies deposited in financial institutions are secured.
This was disclosed by the CBN acting Director, Corporate Communications, Hakama Ali on Tuesday in Abuja.
He reassured the public of CBN’s commitment to ensuring the stability and reliability of the Nigerian financial system.
The assurance came following fresh uproar across the country on Monday, on a statement warning customers of certain banks to immediately withdraw their deposits. The statement had stated that the licences of the said banks had been withdrawn by the CBN.
But the statement by Ali asked Nigerians to discountenance the reports.
It stated, “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. Thus 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.
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