The Central Bank of Nigeria (CBN) has reiterated its dedication to maintaining the stability of the country’s financial system. In a statement released by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, the CBN assured the public that it has implemented various safety measures to safeguard funds and maintain confidence in banking operations.
Key measures include regular stress testing, early warning systems, risk-based supervision, and collaboration with international regulators. These efforts are designed to ensure that Nigerian banks remain resilient and continue to operate within a secure framework.
Sidi-Ali emphasized that the CBN’s focus on risk-based supervision allows it to concentrate regulatory efforts on financial institutions that may pose higher risks to the system. Additionally, the CBN has established agreements with foreign regulators to enhance coordination and ensure Nigerian banks abroad adhere to both domestic and international regulations.