By Anthony Otaru, Abuja
The Central Bank of Nigeria ( CBN) has urge Monetary Deposit Banks (,MDBs) to continue to adhere strictly to established regulations and best practices aimed at maintaining the integrity of the nation’s financial system.
The apex bank also reassure the public of it’s unwavering commitment to ensuring the stability and realizability of Nigeria’s financial system
The CBN Acting Director, Corporate Communications, Mrs Hakama Sidi Ali disclosed this in a statement yesterday in Abuja.
The apex bank said it recognises the crucial role that the confidence plays in banking operations and therefore wants to reaffirm that all deposits in Nigerian banks are secured
According to the statement, “Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient “
It said, in addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks , allowing it to provide timely solutions to any foreseen issues
Sidi Ali explained that the bank’s approach to Risk — Based Supervision ensures that it focuses it’s 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 over all health of the banking sector
The CBN spokesperson stressed that the apex bank has established a Memoranda of Understanding ( MOU) with the various countries where Nigerian banks’ subsidiaries are located.
“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations , both domestically and internationally.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds , it will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” It noted.
