The Central Bank of Nigeria (CBN) has issued a strong assurance to the Nigerian public, encouraging citizens not to panic as it has implemented various policies aimed at safeguarding the funds deposited in financial institutions throughout the country.
This reassurance was communicated in a statement made by the Acting Director of Corporate Communications at the CBN, Hakama Ali, on Tuesday. He emphasized the bank’s unwavering dedication to maintaining the stability and reliability of Nigeria’s financial system.
This announcement comes in the wake of a renewed wave of concern across the nation, sparked by warnings issued on Monday to customers of certain banks. These warnings urged individuals to withdraw their deposits immediately, following the revelation that the licenses of those banks had been revoked by the CBN.
In the statement, the CBN outlined its proactive measures, stating, “The CBN actively ensures that banks comply with established regulations and best practices to uphold the integrity of our financial system.” The bank highlighted its commitment to regular stress testing, which is conducted to identify potential vulnerabilities within financial institutions, thereby ensuring their resilience in the face of challenges.
Moreover, the CBN has introduced Early Warning Systems designed to detect and address emerging risks proactively. This approach allows the bank to implement timely solutions to any potential issues before they escalate, further reinforcing its commitment to the stability of the financial landscape in Nigeria.
