- This is coming in the wake of a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits, as the licences of those banks had been withdrawn by the CBN.
The Central Bank of Nigeria (CBN) has moved to calm nerves, reassuring citizens that deposits in Nigerian banks are safe and secure.
This assurance comes after widespread panic sparked by reports of certain banks losing their licenses.
In a statement issued on Tuesday in Abuja, CBN’s Acting Director of Corporate Communications, Hakama Ali, reaffirmed the bank’s dedication to maintaining a stable and reliable financial system.
Ali’s reassurance is timely, given Monday’s chaos that saw customers of affected banks rush to withdraw their funds following rumors of license revocation.
“The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
“The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system.
“This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector,” the statement read.