The Central Bank of Nigeria, CBN, has once again assured Nigerians not to panic as it has put in place policies to ensure that all funds deposited with financial institutions across the country are protected.
This was contained in a statement by the Apex Bank’s Acting Director, Corporate Communications, Mr. Hakama Ali, in Abuja on Tuesday.
Mr. Ali reassured the public of the CBN’s commitment to ensuring the stability and credibility of Nigeria’s financial system.
This comes in the wake of fresh unrest across the country on Monday, where customers of certain banks were warned to withdraw their deposits immediately after the licenses of certain banks were revoked by the CBN. .
“The CBN proactively ensures that banks comply with established regulations and best practices in order to maintain the integrity of the financial system. Tests are being conducted to ensure the resilience of financial institutions.
“Additionally, the CBN has implemented early warning systems to proactively detect and address emerging risks, enabling us to provide timely solutions to foreseen problems.
“The Bank’s approach to risk-based supervision ensures that regulatory efforts are focused on financial institutions that are likely to pose the highest risks to the financial system. “This will enable us to maintain robust oversight mechanisms while promoting the health of our businesses,” the statement said.
