The Central Bank of Nigeria (CBN) has reassured the public that all deposits in financial institutions across the country are safe, urging Nigerians not to panic.
In a statement on Tuesday, the Acting Director of Corporate Communications, Hakama Ali, emphasized the bank’s commitment to maintaining stability and confidence in the financial system.
This reassurance follows rumors on Monday urging customers of certain banks to withdraw their funds due to reports that the banks’ licenses had been revoked by the CBN.
“The CBN ensures that banks comply with regulatory standards and conducts regular stress testing to identify vulnerabilities, strengthening the resilience of financial institutions,” the statement read.
Ali highlighted the implementation of Early Warning Systems, which allow the CBN to detect and address risks before they escalate. The CBN also employs a Risk-Based Supervision approach to focus regulatory efforts on institutions that pose the highest risks, ensuring overall stability in the banking sector.
In addition, the CBN has signed a Memoranda of Understanding with countries where Nigerian banks operate subsidiaries, fostering international regulatory cooperation to maintain safe banking practices both domestically and abroad.
“The CBN is dedicated to creating a secure banking environment, ensuring depositors can have full confidence in the safety of their funds,” the statement concluded.
