See CBN message to Nigerians on funds safety in access, UBA, GTB, Zenith, other banks

• CBN has assured Nigerians of the security of deposits in all financial institutions in the country
• The apex said it regularly conducts stress tests and implements early warning system to avoid any risk
• There are officially 27 listed commercial banks in Nigeria, which include Access Bank, United Bank for Africa, 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 put in place policies to ensure that all monies deposited in financial institutions across the country are secured.

CBN assures that all deposits in Nigerian banks are safe Photo credit: Benson Ibeabuchi
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 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.”

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 enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with domestic and international banking regulations.“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."

Zenith Bank issues update on network issues

In a similar development, Legit.ng reported that Zenith Bank has 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, which is essential for optimising delivery.

The financial institution assured customers that progress had been made and service had been restored.

Zenith Bank is one of the largest and most reputable banks in Nigeria, consistently recognised over the years for its excellence.

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Source: Legit.ng