The Central Bank of Nigeria (CBN) has reassured Nigerians of the safety of their bank deposits, emphasizing that comprehensive policies are in place to secure funds across all financial institutions nationwide.
In a Tuesday statement, Hakama Ali, Acting Director of Corporate Communications at CBN, affirmed the bank’s steadfast commitment to maintaining a stable and reliable financial system for Nigerians.
The reassurance follows recent public concerns that circulated on Monday, advising customers of specific banks to withdraw their funds over claims of license withdrawals by the CBN.
The CBN also highlighted the use of Early Warning Systems to identify and resolve risks before they escalate, enabling proactive responses to emerging issues.
Additionally, the CBN has formalized partnerships through Memoranda of Understanding with countries where Nigerian banks have subsidiaries.
This international cooperation strengthens regulatory alignment and supports safe banking practices for Nigerian institutions, both domestically and abroad.
The statement said, “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 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.”
