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CBN Assures Nigerians: All Bank Deposits Are Secured

The Central Bank of Nigeria (CBN) has assured Nigerians that it has implemented rules to safeguard the security of all funds placed in the country’s financial institutions.

Hakama Ali, the apex bank’s Ag. Director of Corporate Communications, issued a statement on Tuesday reassuring the public of the bank’s steadfast commitment to safeguarding the stability and resilience of Nigeria’s financial system.

The development comes after a fresh uproar across the country on Monday, telling customers of specific banks to withdraw their accounts immediately because the CBN has revoked their licenses.

According to the statement, the CBN actively ensures that banks follow existing regulations and best practices in order to protect the integrity of our financial system.

Regular stress testing is carried out to uncover potential vulnerabilities, thereby ensuring the resilience of our financial institutions.

“In addition, the CBN has implemented Early Warning Systems, which proactively detect and address emerging risks, allowing us to provide timely solutions to any anticipated issues.”
The Bank’s approach to Risk-Based Supervision guarantees that its regulatory efforts are directed on entities that pose the greatest risk to the financial system. This targeted strategy enables them to maintain a strong monitoring mechanism while improving the general health of the banking industry.”

Furthermore, the CBN stated that it has signed Memorandums of Understanding with the several countries where Nigerian banks’ subsidiaries are based.

This collaboration improves regulatory coordination and guarantees that our banks operate in a safe and sound environment that complies with domestic and international banking standards.

“The CBN remains committed to creating a secure banking environment in which depositors can have complete confidence in the safekeeping of their funds. It will continue to review and adjust strategies to protect the financial interests of all Nigerians and stakeholders in our financial system,” the statement said.

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