The Central Bank of Nigeria (CBN) has reiterated its unwavering commitment to ensuring the stability of the country’s financial system and the safety of depositors’ funds. In a statement released on October 8, 2024, the CBN emphasized its role in maintaining the security and reliability of the Nigerian banking system, highlighting that all deposits within Nigerian banks remain secure.

The CBN assured the public that it continuously enforces strict adherence to financial regulations and global best practices by Nigerian banks. To prevent financial instability, regular stress tests are conducted, and Early Warning Systems have been implemented to detect and address potential risks within the system.

Additionally, the CBN’s risk-based supervisory approach focuses on financial institutions that pose the highest risks, ensuring a robust oversight mechanism. This targeted supervision strategy enhances the overall health of the banking sector by fostering a strong regulatory environment.

The statement further revealed that the CBN has entered into Memoranda of Understanding with countries where Nigerian banks have subsidiaries. This collaboration promotes compliance with domestic and international regulations, reinforcing operational safety across borders.

Sidi Ali Hakama (Mrs.), Acting Director of Corporate Communications at the CBN, concluded by affirming the Bank’s ongoing commitment to safeguarding the financial interests of Nigerian citizens and stakeholders. The CBN will continue to monitor and adapt its strategies to foster a secure banking environment for all.