The Central Bank of Nigeria (CBN) has once again reassured the public about the safety and security of all deposits in Nigerian banks. This assurance comes amidst concerns over the stability of some financial institutions following the revocation of Heritage Bank's license.
The CBN, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, emphasized that the banking system remains resilient despite economic challenges.
In a statement released on October 8th, 2024, the CBN highlighted its commitment to maintaining the integrity of the financial system by ensuring that banks adhere to established regulations and best practices. "Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient," the statement read.
Additionally, the CBN has implemented Early Warning Systems to proactively detect and address emerging risks, providing timely solutions to any foreseen issues.
The CBN's approach to Risk-Based Supervision focuses regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows for robust oversight while promoting the overall health of the banking sector.
Furthermore, the CBN has established Memoranda of Understanding with countries where Nigerian banks have subsidiaries, enhancing regulatory coordination and ensuring that banks operate within safe and sound frameworks both domestically and internationally.
Mrs. Sidi-Ali also addressed rumors regarding the potential revocation of licenses for other banks, clarifying that such claims are unfounded and aimed at creating panic. She assured customers, particularly those of Heritage Bank, that their deposits are secure, with the Nigeria Deposit Insurance Corporation (NDIC) already commencing payments to insured depositors.
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