The Central Bank of Nigeria (CBN) has assured citizens that all funds deposited in Nigerian banks remain secure, emphasizing its commitment to a stable financial system.
In a statement on Tuesday, Acting Director of Corporate Communications, Hakama Ali, affirmed CBN’s dedication to ensuring the resilience and reliability of the country’s financial sector, following public concern triggered by rumors of some banks facing license revocation.
This reassurance comes in response to recent concerns on Monday, where rumors circulated advising customers of certain banks to withdraw their funds, claiming that CBN had revoked these banks’ licenses.
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.”
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