CBN Assures Nigerians That All Deposits Are Safe

The Central Bank of Nigeria (CBN) has assured Nigerians that all monies deposited in financial institutions across the country are secured.
This assurance is coming amidst fears, rumors and panic regarding the state of Nigerian Banks.
This assurance was contained in a statement signed by the apex bank’s Ag. Director, Corporate Communications, Hakama Ali on Tuesday.
Ali reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
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.”