CBN Sends Message to Nigerians on Deposit Safety in Access, UBA, GTB, Zenith, Other Banks
- CBN has reassured Nigerians of the security of deposits in all financial institutions in the country
- The apex said it regularly conducts stress tests and implements an early warning system to avoid any risk
- There are officially 27 listed commercial banks in Nigeria, which include Access Bank, United Bank for Africa and Zenith Bank
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has assured Nigerians not to panic as it has implemented policies to ensure that all monies deposited in financial institutions across the country are secured.
Source: Getty Images
Apex Bank disclosed this in a statement signed by Hakama Ali, the Ag: Director, Corporate Communications, on Tuesday, October 8, 2024.
In the statement, CBN reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
The statement said:
“The CBN actively actively monitors and ensures that banks comply with established regulations and best practices to safeguard the integrity of the financial system.
"Regular stress tests are conducted to identify potential weaknesses, ensuring that financial institutions remain resilient.
"Also, the CBN has implemented Early Warning Systems designed to detect and address emerging risks in a timely manner, allowing for proactive solutions to potential challenges.
"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.”
CBN working with various countries
The CBN said it has established a Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located.
The statement added:
"This collaboration strengthens regulatory coordination, ensuring that our banks operate within a secure and stable framework, adhering to both domestic and international banking standards.
"The CBN remains committed to fostering a safe banking environment, where depositors can have full confidence in the security of their funds.
"The Bank will continue to monitor and refine its strategies to protect the financial interests of all Nigerians and stakeholders in our financial system."
Zenith Bank issues update on network issues
In a similar development, Legit.ng reported that Zenith Bank apologised to customers for the service disruption that affected electronic banking transactions.
The bank clarified that the glitches resulted from routine information and technology maintenance, essential for optimising delivery.
The financial institution assured customers that progress had been made and service had been restored. Zenith Bank is one of Nigeria's largest and most reputable banks, and it has been consistently recognised over the years for its excellence.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
