Business, Featured
…says confidence plays crucial role in banking operations
By Anthony Isibor
THE Central Bank of Nigeria, CBN, has said that all deposits in Nigerian banks are secure.
Recognizing the crucial role that confidence plays in banking operations, the CBN reaffirmed its commitment to financial systems stability, safety of depositors’ funds.
It disclosed that it has implemented Early Warning Systems that proactively detect and address emerging risks and allow it to provide timely solutions to any foreseen issues.
In a statement signed by Hakama Sidi Ali, Ag. Director, Corporate Communications, the apex bank said that its collaborations with the various countries where Nigerian banks’ subsidiaries are located, enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.
According to the statement, the CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
It added that regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“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.
“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.” the statement added.
A.I
Oct. 8, 2024
Tags: Anthony Isibor Central Bank of Nigeria Hakama Sidi Ali
