The Central Bank of Nigeria (CBN) has reiterated its dedication to safeguarding the stability of the nation’s financial system. In a statement issued on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank assured the public of its ongoing efforts to protect funds and preserve trust in banking operations.
Sidi-Ali outlined a series of measures aimed at enhancing the resilience of financial institutions. These include regular stress testing, early warning systems, and risk-based supervision. The CBN’s collaboration with foreign regulators, through signed Memoranda of Understanding, also ensures Nigerian banks’ subsidiaries operate within safe frameworks both domestically and internationally.
“The CBN ensures banks adhere to regulations and best practices to protect the integrity of our financial system,” said Sidi-Ali. “We conduct regular stress testing to identify vulnerabilities and have implemented Early Warning Systems to proactively address emerging risks.”
She further emphasised the importance of a targeted, risk-based supervision strategy that focuses on institutions posing the highest risk to the financial system. This approach, she noted, allows for robust oversight while maintaining overall sector health.
In addition, Sidi-Ali reassured the public of the CBN’s commitment to providing a secure banking environment, ensuring depositors’ funds remain safe. “The CBN will continue to monitor and adapt its strategies to protect the financial interests of Nigerians and stakeholders,” she concluded.
Credit: NAN (Text Excluding Headline)
