The Central Bank of Nigeria (CBN) has reassured Nigerians not to panic, stating that it has implemented policies to ensure that all deposits in financial institutions across the country are secure. This comes after rumors on Monday caused concern among customers, urging them to withdraw their funds due to alleged license withdrawals by the CBN.
In a statement released by Hakama Ali, the CBN’s Acting Director of Corporate Communications, on Tuesday, the bank reaffirmed its commitment to maintaining the stability and reliability of the Nigerian financial system.
“The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system,” the statement read. It also highlighted that regular stress testing is conducted to identify any vulnerabilities in financial institutions to guarantee their resilience.
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The CBN emphasized the implementation of Early Warning Systems, which help detect and address potential risks early on, ensuring timely intervention when necessary.
Additionally, the CBN has adopted a Risk-Based Supervision approach, focusing its regulatory efforts on institutions that pose the highest risks to the financial system. This strategy aims to maintain robust oversight and promote the overall health of the banking sector.
The bank also noted its collaboration with international regulatory bodies through Memoranda of Understanding, ensuring that Nigerian banks with subsidiaries abroad adhere to safe and sound banking regulations.
The statement concluded with a promise to continue monitoring the situation, ensuring that depositors’ funds remain safe, and the financial system remains stable for all Nigerians.