CBN Reassures Of Depositors Funds’ Safety In Banks

The Central Bank of Nigeria (CBN) has reassured of its commitment to ensuring the stability and reliability of the Nigerian financial system.

The CBN which gave the assurance in a bid to retain customers’ confidence in the system, reaffirmed that all deposits in Nigerian banks are secure.

The reassurance comes on the back of a recent panic of a possible collapse of one of Nigeria’s tier 1 banks.

There had been videos circulating on social media showing how customers of the bank were left stranded outside the banking halls and unable to make online and physical transactions.

Allaying the fears, the CBN said it has measures to ensure that banks adhere to established regulations and best practices to maintain the integrity of the financial system.

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The bank, in a statement on Tuesday by its spokesperson, Hakama Ali, said, “Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

The apex bank stressed that it has implemented early warning systems that proactively detect and address emerging risks, allowing it 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.

“Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located. 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.

“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” Ali said.