CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds

The Central Bank of Nigeria (CBN) has assured Nigerians of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system. In apparent reaction to a video circulating in social media space accusing GTbank Holdings of account falsification and asking CBN and other regulatory authorities out side the country to sanction the bank and its group MD, the CBN in a statement signed by Hakama Sidi Ali (Mrs.) Ag. Director, Corporate Communications  said “the CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.

“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.

“Furthermore, the CBN has established Memoranda of Understanding 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”.