CBN reassures Nigerians on bank stability

CBN reassures Nigerians on bank stability

The Central Bank of Nigeria has emphasised its commitment to the stability of the country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks.

This is according to a press release by CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, on Tuesday.

“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 statement read.

The statement noted that the bank’s continuous stress testing of financial institutions is aimed at maintaining the resilience of Nigeria’s banking sector.

According to the CBN, these stress tests are an integral part of its strategy to safeguard the financial system and protect depositors’ funds.

The tests help the apex bank detect and address emerging risks before they impact the stability of the sector.

“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient,” the statement read.