All banks deposit are safe, CBN guarantees Nigerians

By Matthew Denis

The Central Bank of Nigeria (CBN) has reiterated its commitment to safeguarding the deposits of all Nigerians, urging the public not to panic as it implements policies designed to secure funds held in financial institutions nationwide.

This assurance was conveyed in a statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, on Tuesday in Abuja.

Ali emphasized the bank’s dedication to maintaining the stability and reliability of the Nigerian financial system, especially following recent concerns that prompted warnings for customers of certain banks to withdraw their deposits due to the revocation of those banks’ licenses by the CBN.

“The CBN actively ensures that banks adhere to established regulations and best practices to uphold the integrity of our financial system. We conduct regular stress testing to identify potential vulnerabilities, ensuring that our financial institutions remain resilient,” Ali stated.

He also highlighted the implementation of Early Warning Systems, which proactively detect and address emerging risks, enabling the CBN to provide timely solutions to any anticipated issues.

“Our Risk-Based Supervision approach allows us to focus our regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy ensures robust oversight while promoting the overall health of the banking sector,” the statement added.